South Korea Bolsters Export Sectors Amid Tariff Tensions
South Korea is ramping up support for its key export industries, like biopharmaceuticals and automobiles, in response to U.S. tariffs imposed by President Trump. Authorities are preparing additional measures to aid these sectors and seek tariff exemptions as they face upcoming deadlines and political challenges.
South Korea is strengthening its support for crucial export sectors, including biopharmaceuticals and automobiles, as U.S. President Donald Trump's tariffs challenge its trade-driven economy. Measures are being devised for pharmaceuticals and semiconductors to counter U.S. duties, with further support promised for U-turn investments.
South Korea's biopharmaceutical sector, exporting $9.59 billion last year, is particularly targeted for aid. Meanwhile, industry leaders face decisions about U.S. involvement given financial considerations while maintaining competitiveness. Celltrion chairman Seo Jung-jin cited high U.S. costs but expected minimal policy impact.
Amid these challenges, the government is considering additional support, complementing last month's measures to assist automakers and prevent liquidity issues. With a critical tariff deadline looming, ongoing Seoul-Washington trade talks aim to secure exemptions while South Korea navigates domestic political changes.
(With inputs from agencies.)
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