Supporting companies affected by US tariffs, South Korea will inject an additional 28.6 trillion Korean won.

The South Korean government today announced that it will provide an additional 28.6 trillion Korean won in assistance funds to support domestic export companies affected by U.S. tariff measures. The Ministry of Strategy and Finance in South Korea stated in a press release that the increased tariffs imposed by the United States and intensified competition in the global high-tech industry have further increased the business pressure faced by South Korean companies. Therefore, they plan to obtain funding through supplementary budgets and other fiscal channels to provide financial support to affected industries. This includes providing 16.3 trillion won in emergency assistance to companies directly affected by tariffs, investing 7.4 trillion won to help companies expand into overseas markets, and allocating an additional 4.9 trillion won for high-tech industry investment and core industry restructuring. Data released by the Ministry of Trade, Industry and Energy in South Korea the previous day showed that, due to the impact of U.S. tariffs, South Korea's automotive exports to the U.S. decreased by nearly 20% in April compared to the same period last year, dropping to $2.89 billion.