Seoul pledges to stabilize supply chains, support SMEs amid trade uncertainties

With rising trade tensions, South Korean authorities are rolling out measures to support local businesses.

During an economic ministerial meeting on Tuesday, Finance Minister Choi Sang-mok pointed out that concerns are rising about the impact on domestic industries of the higher-than-expected U.S. reciprocal tariffs.

As a result, Seoul will be allocating approximately 3 to 4 trillion Korean won over 2 billion U.S. dollars in a supplementary budget next week to stabilize supply chains and provide support for small and medium sized businesses.

In another meeting with finance chiefs, Choi called for close monitoring of the volatile stock market in response to trade uncertainties.