Acting Chief Choi Meets Export Companies: "Mobilizing All Available US Tariff Measures for Response"

Export Companies Luncheon Meeting
"Preparing Emergency Export Measures"

Yonhap News

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, stated on the 3rd regarding the tariff imposition by the new U.S. administration under Donald Trump, "We will mobilize all available means to minimize negative impacts."

At a luncheon meeting with export companies held at the Government Seoul Office on the same day, Acting President Choi said, "Tensions are escalating due to President Trump's high tariffs on Mexico, Canada, and China."

He emphasized, "We will communicate with the U.S. through various channels to ensure that our position is reflected as much as possible," and added, "We will also maintain continuous communication with the governments of Mexico and Canada as well as companies operating locally."

The government had earlier announced that it would supply 360 trillion won in export financing to secure liquidity for export companies. It will also support export assistance projects such as overseas exhibitions and trade delegations with 2.9 trillion won, and plans to expand trade networks in emerging markets such as the Middle East and Latin America to diversify exports.

Export companies attending the meeting requested expanded support for the semiconductor and secondary battery industries, financial support for the shipbuilding industry, an increase in the limit for advance payment refund guarantees (RG), and expanded support for overseas exhibitions and export vouchers.

The government responded that it would actively collaborate with relevant ministries and agencies to seek support measures for matters requiring additional institutional improvements.

Acting President Choi stated, "It is most important that our companies on the export front feel the government's support," and urged, "Relevant ministries and related agencies should communicate with the field and actively cooperate."

He further added, "To expand export momentum, we will resume the export strategy meeting this month and prepare a pan-government 'Emergency Export Measures' plan."