South Korea to help small, medium-sized firms hit by tariffs

Reuters

Tue, May 13, 2025, 6:01 PM 1 min read

SEOUL (Reuters) -South Korea has prepared enactment measures for tiny and medium-sized firms expected to beryllium wounded by U.S. tariffs, the authorities said connected Wednesday.

The measures see financing enactment worthy 4.6 trillion won ($3.25 billion), subsidies to easiness the load of logistics costs, and different policies to assistance grow export markets.

While their exports accounted for 17% of South Korea's full exports successful the archetypal quarter, 81% of tiny and medium-sized enterprises considered themselves susceptible to 25% tariffs introduced by the Trump medication successful aboriginal April but aboriginal suspended for 90 days, the authorities said successful a statement.

Earlier this month, South Korea approved an other authorities fund of 13.8 trillion won, including spending plans for tariff responses, to bolster an system grappling with anemic home request and the imaginable interaction of U.S. tariffs.

($1 = 1,416.7000 won)

(Reporting by Jihoon LeeEditing by Ed Davies)