S. Korea announces US$ 1.3 bil. support package for auto industry amid U.S. tariff pressures

South Korea will funnel an additional 2 trillion won, or 1-point-3 billion U.S. dollars, into the auto and parts industry amid pressure from the 25% tariff imposed by the Trump administration.

The announcement came during an economy-related ministers' meeting on Wednesday, which addressed responses to shifting trade conditions, including U.S. tariffs and global supply chain changes.

Last year, U.S.-bound vehicle exports totaled 34-point-7 billion dollars, accounting for nearly half of Korea's total auto exports.

The government is also speeding up efforts to diversify export markets.

It plans to inject over 40 million U.S. dollars worth of support for overseas operations of small and mid-sized firms, while expanding R&D funding to boost technological competitiveness.