U.S. President Joe Biden announced on Monday (Seoul time), that he will not seek reelection. In an official statement, Biden said he believes it is in the best interest of his party and the country to stand down and focus solely on fulfilling his presidential duties for the remainder of his term.

Biden cited his administration’s achievements, including economic growth, healthcare improvements and climate legislation. He plans to address the nation later in the week to provide more details about his decision. Biden endorsed U.S. Vice President Kamala Harris as the Democratic nominee for the upcoming presidential election, urging party unity to defeat former U.S. President Donald Trump.