South Korea has unveiled a set of support measures aimed at assisting small and medium-sized enterprises (SMEs) impacted by U.S. tariffs, the government announced on Wednesday.
The relief package includes financial aid worth 4.6 trillion won ($3.25 billion), subsidies to reduce logistics costs, and other policies designed to help expand export markets for these businesses.
Although SMEs made up 17% of South Korea’s total exports in the first quarter, 81% of these businesses reported concerns about the 25% tariffs imposed by the Trump administration in early April, which were later suspended for 90 days, according to the government.
Earlier this month, South Korea approved an additional budget of 13.8 trillion won, which includes funds for tariff-related responses. This move is part of efforts to support an economy facing weak domestic demand and the potential fallout from U.S. tariffs.
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