South Korea to prepare support measures as US tariffs loom

Reuters

Sun, Apr 6, 2025, 7:08 PM 2 min read

SEOUL (Reuters) - South Korea's concern curate said connected Monday the authorities would hole enactment measures for sectors with urgent needs, up of U.S. President Donald Trump's 25% tariff, which volition travel into unit this week.

"Minister Choi Sang-mok emphasised the request to analyse the interaction connected the macroeconomy and hole enactment measures for sectors with urgent needs," the ministry said successful a statement.

On April 2, Trump introduced a broad tariff connected imports to the United States and higher tariffs against "worst offenders", including a 25% work connected imports from South Korea, acceptable to travel into unit connected Wednesday.

After Trump's announcement, South Korea's acting President Han Duck-soo said past week the authorities would hole by this week enactment measures for the car assemblage and question negotiations with the Trump administration.

South Korea's exports to the United States deed a grounds precocious of $127.8 cardinal successful 2024, with automobiles - the top-selling merchandise - accounting for 27% of the total.

On Monday, Finance Minister Choi Sang-mok and different policymakers besides reviewed a effect strategy up of Trade Minister Cheong In-kyo's sojourn to the United States, the concern ministry said.

Cheong's upcoming sojourn volition beryllium the 5th senior-level sojourn from the Ministry of Industry, Trade and Energy since Trump took office. He had visited successful March, portion Industry Minister Ahn Duk-geun visited twice. Deputy Minister Park Jong-won besides visited, seeking tariff exemptions.

Trump has not met oregon talked with immoderate of South Korea's acting leaders but invited Hyundai Motor Group's Chairman Euisun Chung to the White House for an announcement of the automaker's $21 cardinal concern successful the United States.

Separately, South Korea's fiscal regulator connected Monday asked firms and authorities institutions to beryllium prepared to supply liquidity enactment for exporting companies and their contractors deed by tariffs.

As the benchmark KOSPI banal scale dropped to a 17-month debased amid a planetary sell-off of risky assets connected U.S. tariffs, the regulator besides said it would hole a marketplace stabilising programme worthy 100 trillion won ($68.08 billion).

($1 = 1,468.8000 won)

(Reporting by Jihoon Lee; Editing by Kim Coghill and Gerry Doyle)