financetom
Business
financetom
/
Business
/
South Korea to help small, medium-sized firms hit by tariffs
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
South Korea to help small, medium-sized firms hit by tariffs
May 26, 2025 7:21 AM

SEOUL (Reuters) -South Korea has prepared support measures for small and medium-sized firms expected to be hurt by U.S. tariffs, the government said on Wednesday.

The measures include financing support worth 4.6 trillion won ($3.25 billion), subsidies to ease the burden of logistics costs, and other policies to help expand export markets.

While their exports accounted for 17% of South Korea's total exports in the first quarter, 81% of small and medium-sized enterprises considered themselves vulnerable to 25% tariffs introduced by the Trump administration in early April but later suspended for 90 days, the government said in a statement.

Earlier this month, South Korea approved an extra government budget of 13.8 trillion won, including spending plans for tariff responses, to bolster an economy grappling with weak domestic demand and the potential impact of U.S. tariffs.

($1 = 1,416.7000 won)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Uber's Foodpanda Acquisition Blocked in Taiwan Due to Competition Concerns
Uber's Foodpanda Acquisition Blocked in Taiwan Due to Competition Concerns
Dec 25, 2024
Taiwan’s Fair Trade Commission (FTC) has reportedly blocked Uber Technologies, Inc. ( UBER ) $950 million acquisition of Delivery Hero’s Foodpanda business due to anti-competitive concerns. The merger, which was initially announced in May 2023, would have significantly increased Uber Eats’ dominance in Taiwan’s food delivery market, giving the combined company over 90% of the market share, Reuters reports. The...
NFL-Kelce brings in franchise record 77th receiving touchdown as Chiefs win on Christmas
NFL-Kelce brings in franchise record 77th receiving touchdown as Chiefs win on Christmas
Dec 25, 2024
Dec 25 (Reuters) - Kansas City tight end Travis Kelce got everything on his Christmas wish list on Wednesday, as the nine-times Pro Bowler hauled in a franchise record 77th receiving touchdown in the Chiefs' confident 29-10 win over the Pittsburgh Steelers. The defending Super Bowl champions took the lead immediately in front of a hostile away crowd and never...
Taiwan blocks Uber's $950 million Foodpanda deal over competition concerns
Taiwan blocks Uber's $950 million Foodpanda deal over competition concerns
Dec 25, 2024
(Reuters) -Taiwan has blocked Uber Technologies' $950 million purchase of Delivery Hero's Foodpanda business on the island because of concerns it would be anti-competitive, the Fair Trade Commission (FTC) said on Wednesday. Uber and Foodpanda did not immediately respond to requests for comment outside regular business hours. Delivery Hero said in a statement Uber may either appeal the commission's decision...
Russia is using bitcoin in foreign trade, finance minister says
Russia is using bitcoin in foreign trade, finance minister says
Dec 25, 2024
MOSCOW (Reuters) - Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday. Sanctions have complicated Russia's trade with its major partners such as China or Turkey, as local banks are extremely cautious with Russia-related transactions to...
Copyright 2023-2026 - www.financetom.com All Rights Reserved