Overview

• South Korea has announced a 28.6 trillion won ($20.6 billion) emergency support package to aid exporters affected by U.S. tariffs, including low-interest loans and consulting services.
• The relief plan allocates 16.3 trillion won to stabilize directly impacted companies, 7.4 trillion won for export diversification efforts, and 4.9 trillion won for high-tech facility investments and industrial restructuring.
• Exports to the U.S. dropped 14.6% in the first 20 days of May, contributing to an overall 2.4% year-on-year decline in South Korea's exports during this period.
• Trade Minister Cheong In-kyo warned that the full impact of U.S. tariffs is yet to materialize, with further export declines expected to both the U.S. and China in the coming months.
• South Korea continues technical negotiations with the U.S. to seek tariff exemptions, aiming for a resolution before the July 8 expiration of the current 90-day tariff pause.