The government will provide 9 trillion won in policy funds to support corporations that are feared to be affected by the tariff war initiated by the Trump administration. A 'item classification consultation center' will also be opened for corporations struggling with exports due to the complicated U.S. tariff structure.
Vice Minister Choi Sang-mok, who also serves as the Minister of Economy and Finance, held the 247th External Economic Ministers' Meeting at the Government Seoul Building on the 11th, unveiling a tariff administrative response strategy.
Vice Minister Choi said, "With the imposition of reciprocal tariffs by the United States and China's countermeasures, the global trade environment has entered a new phase," adding, "As our country has grown by focusing on exports, the current changing trade environment poses a significant threat to our economy."
He continued, "The day before, the United States postponed the imposition of reciprocal tariffs for 90 days, but basic tariffs and item tariffs on automobiles are still being imposed," noting, "We cannot let our guard down."
The government decided to establish a special crisis response program worth 9 trillion won during the meeting. Based on policy funds from the Export-Import Bank, the plan is to support 6 trillion won for small and medium-sized enterprises, 2 trillion won for large exporting corporations, and 1 trillion won for diversifying export destination regions.
The government also plans to establish a supply chain stabilization fund worth 1 trillion won in the first half of this year.
Administrative support will also be strengthened. The Korea Customs Service plans to quickly obtain and provide the necessary tariff administrative information to our corporations through a consultation channel with U.S. customs authorities. A U.S. tariff item classification consultation center will be established, and a fast track for the pre-examination of export item classifications will also be introduced.
Vice Minister Choi said, "With complicated and tense new game rules emerging, we must find our survival strategies," and noted, "I will do my best to wisely overcome external risks and create new opportunities for leapfrogging."