Steps needed to allay US tariff impact: S Korean presidential office

South Korea’s presidential office recently called for support measures to mitigate the impact from US tariffs on small and medium enterprises (SMEs), which are more fragile to tariffs than large conglomerates, amid rising trade uncertainties for domestic exporters.

Presidential chief of staff Kang Hoon-sik made the call at a meeting of senior aides, citing relatively sluggish exports of automobiles, steel and general machinery to the United States in the first seven months this year.

South Korea’s presidential office recently called for support measures to mitigate the impact from US tariffs on SMEs, which are more fragile to tariffs than large conglomerates, amid rising trade uncertainties for domestic exporters.
Terming the newly-imposed and unanticipated 15-per cent US tariff ‘a new hurdle’ for Korean companies, the office raised concerns over worsening profitability for exporters.

Terming the newly-imposed and unanticipated 15-per cent US tariff on South Korean imports ‘a new hurdle’ for Korean companies seeking entry into the US market, Kang raised concerns over worsening profitability for South Korean exporters, particularly SMEs.

He urged relevant ministries to prepare short-term support measures, such as emergency financial support and trade insurance, as well as long-term strategies to cultivate alternative markets and foster new growth engines in high-tech sectors, according to a domestic news agency.

Fibre2Fashion News Desk (DS)