Hey everyone, big news from Seoul! In response to the new 25% U.S. tariffs hitting car imports, South Korea is rolling out a massive 3 trillion won ($2 billion) emergency aid package to support its automotive sector. 🚗💨
The tariffs, which kicked in last Thursday, could slash car exports by nearly 18.6%—a hard hit for heavyweights like Hyundai and Kia, and a setback for local auto parts makers.
To counter the impact, state-run lenders such as Korea Development Bank will channel the funds through their existing loan programs. An official from the Ministry of Economy and Finance noted that the package is expected to total around 3 trillion won, though final numbers are still being finalized. 📉
At an emergency economic security meeting, South Korean Prime Minister Han Duck-soo (acting president) stressed, "The government will use all available measures to tackle U.S. tariff imposition." This decisive step comes amid a wave of reciprocal tariffs impacting all trading partners, underscoring the escalating global trade tensions.
For those tracking international trends, this bold move shows how swiftly governments can react to economic shocks. Stay tuned for more updates as the situation unfolds, and keep riding through these turbulent trade winds! 🚀
Reference(s):
Seoul to inject 3t won in aid for car industry hit by U.S. tariffs
cgtn.com
