SEOUL, April 11 (Yonhap) — The South Korean government announced plans on Friday to provide an additional 9 trillion won (US$6.6 billion) in financing to support exporters facing the impact of U.S. President Donald Trump’s tariffs and increasing global trade tensions.
This decision was made during a meeting of external economic ministers in Seoul, where officials expressed concerns that Trump’s tariffs and China’s retaliatory measures could harm South Korea’s export-driven economy and contribute to a global economic slowdown.
The government will launch a “crisis response program” that includes 3 trillion won in low-interest loans for small and medium-sized enterprises (SMEs). Major exporters will have access to an additional 2 trillion won in financing, and 3 trillion won will be allocated to policy funds aimed at fostering cooperation between large companies and their SME suppliers. Additionally, a new 1 trillion won financing program will help businesses explore alternative markets.
Finance Minister Choi Sang-mok, who presided over the meeting, emphasized the importance of South Korea adapting to the changing global trade environment. “Now is the time to develop strategies for survival and growth,” he said, calling for swift action in implementing support measures and pursuing long-term solutions.
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