Presidential office urges support measures to mitigate impact from US tariffs on firms

The presidential office on Monday called for support measures to mitigate the impact from U.S. tariffs on small and medium-sized businesses amid rising trade uncertainties for Korean exporters. Presidential chief of staff Kang Hoon-sik made the call at a senior aides' meeting, citing sluggish exports of automobiles, steel and general machinery to the United States in the first seven months of this year compared with the same period a year earlier. The U.S. began imposing 15 percent tariffs on Korean imports earlier this month, while President Donald Trump said he would announce duties on steel and semiconductor chips in coming weeks. "The newly imposed 15 percent tariff, which had not been anticipated, is inevitably a new hurdle for Korean companies seeking entry into the U.S. market," Kang said. Kang raised concerns over worsening profitability for Korean exporters, particularly small and medium-sized companies, which are more fragile to tariffs than large conglomerates. He urged relevant ministries to prepare short-term support measures, such as emergency financial support and trade insWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times