Deputy Prime Minister Choi orders consideration of support measures for sectors hit by U.S. tariffs...Meets with heads of public and private research institutes (South Korea)

On the 3rd, South Korea's Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance Choi Sang-mok met with the heads of six public and private research institutes, including the Korea Development Institute (KDI), at the Government Complex in Seoul to discuss the US's plans to consider
At the meeting, Deputy Prime Minister Choi conducted a detailed analysis of the impact of the imposition of US tariffs on the Korean economy and industry, and then announced support measures for affected sectors and measures for the negotiations with the US.
He stressed the need to formulate a strategy to prevent excessive concerns from spreading in the market through cooperation between the public and private sectors, and to take measures to find new business opportunities amid the changing trade environment.
Representatives of research institutes who attended the meeting said that while negative effects were inevitable due to the Korean economy's high reliance on exports, they also said that there were opportunities for innovation in areas such as shipbuilding and steel.
He also stressed that in order to minimize the shock to the economy and industry, it is essential to expand export support measures such as trade finance and export vouchers, and stated the "essential measures" for this purpose.
The South Korean government has requested the government to quickly compile a "necessary supplementary budget." Going forward, the South Korean government will implement support measures for industries that are expected to be affected, such as the automobile industry, and measures to expand the supply of RG (refund guarantees) in the shipbuilding industry.
The plan is to compile these information and announce it one by one starting next week.