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South Korea announces $250bn aid package for exporters facing U.S. tariffs
Posted on January 22, 2025 |
South Korea has allocated $250bn to support exporters in anticipation of possible U.S. tariffs.
The funds will assist both low-income families and exporters, which are vital to the economy.
The Korean economy has faced a slow recovery in domestic demand, and export growth is also slowing, raising concerns about future growth.
Global trade changes and increasing competition from other countries are adding pressure on South Korea’s economy.
The government expects the economy to grow by 2.1% last year, with a further slowdown to 1.8% growth this year.
The government will provide more foreign exchange and liquidity to help exporters facing supply chain issues.
South Korea plans to support exporters, particularly in semiconductors and automotive, if the U.S. imposes new tariffs.