South Korea: Small and medium-sized businesses inevitably affected by steel and aluminum tariffs need government measures

US President Donald Trump has announced that he will impose tariffs on all imported steel and aluminum, raising the tariff rate to 50%. In response, small and medium-sized enterprises in South Korea have already begun to take countermeasures.
Exports to the US are falling sharply. A company in Cheonan that manufactures and sells bolts and nuts has seen its total export volume fall by 20%. The company's president said, "American buyers are reducing exports and delaying delivery times.
"The government has requested that the deadline be extended from one month to two months, which has worsened our liquidity," he said.
Exports of steel products and aluminum products fell 17.8% and 7.6%, respectively, and are expected to contract further in the second quarter of this year as tariffs take effect.
The suspension of the South Korean president has also led to an uncertain political outlook, which has led to distrust in the industry.
In response, Lee Seung-bae, a global growth policy officer at the Ministry of SMEs and Startups, said, "Our agency and several other agencies, including the Ministry of Trade, Industry and Energy, are working to improve tariffs.
"We are preparing measures. We plan to swiftly implement 700 'export normalization programs' starting from May 30," he said.