South Korea promises to increase policy support to mitigate the impact of US tariffs, including providing assistance to the pharmaceutical industry.

The South Korean government on Wednesday pledged to provide more support measures for key export industries such as biopharmaceuticals and automobiles. In the face of President Trump's comprehensive tariff increases, this trade-oriented economy is facing severe challenges. Since Trump imposed tariffs on a variety of goods and imposed a 25% special tariff on South Korean products, Seoul has successively introduced support measures for the automobile, semiconductor industry, and small and medium-sized export enterprises. Acting Finance Minister Kim Sang-jik said, "The government plans to make early arrangements for tariffs on specific products such as pharmaceuticals and semiconductors, while strengthening support for companies investing back in the country." The government stated that once the specific details of Trump's tariffs on the biopharmaceutical industry are announced, new support measures will be implemented immediately. In 2024, South Korea's pharmaceutical exports were $9.59 billion, accounting for only 1.4% of total exports, but the United States, as the largest market, absorbed 16% of that export volume.