Cars for export pack a port in Pyeongtaek, south of Seoul, on April 2, 2025, as U.S. President Donald Trump is due to announce reciprocal tariffs the same day, with an additional 25 percent tariff on all cars made outside of the United States to take effect as planned April 3. (Yonhap)
SEOUL, April 11 (Korea Bizwire) — The government announced plans Friday to inject an additional 9 trillion won (US$6.6 billion) in financing to support exporters facing strong tariffs imposed by U.S. President Donald Trump’s administration and escalating global trade tensions.
The decision was made during a meeting of external economic ministers held in Seoul, as Trump’s sweeping tariff measures and China’s subsequent retaliatory actions are feared to hurt South Korea’s export-driven economy and lead to a global economic downturn.
In detail, the government will launch a new “crisis response program” that will provide 3 trillion won in low-interest loans for small and medium-sized enterprises (SMEs).
Major exporters will be eligible for an additional 2 trillion won in financing, while 3 trillion won will be allocated to policy funds that support cooperation between large companies and their SME suppliers.
Additionally, a new financing program with a budget of 1 trillion won will be established to help businesses explore alternative markets.
“South Korea, having developed as an export-driven economy, now faces significant threats from the changing global trade landscape,” Finance Minister Choi Sang-mok said while presiding over the meeting.
“We now have a new set of complex and high-stakes ‘rules of the game,’ and now is high time to develop our own strategies for survival and growth,” Choi added, calling for the “swift and bold” implementation of necessary support measures and the pursuit of fundamental solutions.
(Yonhap)
