Small and medium-sized enterprise A in Gyeonggi Province exports industrial pumps worth $700,000 each year but has yet to secure any delivery orders.
Small and medium-sized enterprise B, located in Chungnam, decided to supply semiconductor manufacturing equipment to a local subsidiary of a domestic conglomerate in Mexico, but the delivery has been indefinitely delayed.
Since the imposition of tariffs on steel and aluminum by the United States on March 12 and the implementation of reciprocal tariff measures on April 2, there has been a growing sense of crisis among export-oriented small and medium-sized enterprises, as scheduled export volumes have not been delivered or have been postponed indefinitely.
The Ministry of Small and Medium-sized Enterprises and Startups announced on the 3rd that it plans to provide export vouchers worth 29 billion won to affected corporations as early as this month.
Many small and medium-sized enterprises are reportedly lacking information on whether they are subject to the tariff, prompting the Ministry of Small and Medium-sized Enterprises and Startups to establish a hotline with the Korea Customs Service and actively seek to provide tariff information and consultations through local small and medium-sized enterprises and startups offices.
On that day, the Ministry of Small and Medium-sized Enterprises and Startups held a 'site meeting for export small and medium-sized enterprises' with the Korea Customs Service and representatives of export small and medium-sized enterprises at the Seoul Headquarters Customs Office in Gangnam, announcing their support directions for tariff-affected corporations.
The Ministry of Small and Medium-sized Enterprises and Startups is introducing the export direct program worth 29 billion won. This will be implemented as part of the Ministry's export voucher project. In line with the increasing trend of global protectionism, it is specialized in discovering alternative markets, securing supply chains, and resolving tariff disputes for export-oriented small and medium-sized enterprises. It will use a fast-track method that provides support swiftly within one month of application, whereas it previously took about three months from evaluation to support.
The export direct program is a project arranged exclusively for tariff-affected corporations, which was originally scheduled for May as the second export voucher project. A total of 750 corporations are expected to receive support of up to 100 million won.
The Ministry of Small and Medium-sized Enterprises and Startups decided to strengthen collaborations with the Korea Customs Service by establishing a hotline to facilitate the provision of tariff-related information held by the Customs Service through local small and medium-sized enterprises and startups offices. It will support specialized tariff consultations by connecting public customs brokers assigned to customs nationwide with export small and medium-sized enterprises, and will prioritize excellent small and medium-sized enterprises recommended by the Customs Service for participation in the Ministry's export support projects.
In a survey conducted in March by the Ministry of Small and Medium-sized Enterprises and Startups and the Korea Federation of Small and Medium Enterprises targeting steel and aluminum product export corporations, 41.8% responded that "it is difficult to accurately grasp U.S. tariff policy," reflecting growing challenges for businesses.
Earlier, U.S. President Donald Trump signed an executive order on the 2nd (local time) that includes a 25% reciprocal tariff on imports from South Korea.