Suwon City Overcomes Trump Tariff Wave...Significantly Strengthens Support for Export Companies

The city of Suwon in Gyeonggi Province is strengthening support for export companies in response to the tariff policies of the Trump administration in the United States.

On the 8th, Suwon announced that it will promote seven projects in three areas: ▲raising awareness and providing information ▲diversifying exports ▲enhancing competitiveness such as pricing, to prepare for the wave of Trump tariffs.

First, Suwon will explain the 'Changes in the Global Trade Structure and Economic Outlook' to businesspeople through expert lectures and share materials related to Suwon's support policies for small and medium-sized enterprises (SMEs).

In addition, to help export companies diversify their export destinations, Suwon will support participation in overseas exhibitions in the Southeast Asia and EU regions (13 companies) and export pioneering groups (10 companies). An export consultation meeting (50 companies) will also be held where Japanese buyers visiting Korea can discuss exports.

Furthermore, export support will be significantly expanded, including 'simplified export support for SMEs,' 'export insurance support,' and 'support to enhance SME competitiveness.'

Suwon City Hall

The simplified export process for SMEs reduces the five-step export transportation procedure?where exporters transport products inland, then by sea or air to the importing country, go through customs, and then transport inland again in the importing country?by allowing exporters to directly ship to buyers via Korea Post's international express mail service (EMS) in a 'Door To Door' method. The number of supported companies will increase from the current 30 to 100.

Support for SME export insurance will expand from 20 companies to 100 companies. Export insurance protects exporters from risks such as deterioration of the importer's credit, bankruptcy, or refusal of payment during export transactions. Eligible recipients are small and medium-sized manufacturing companies located in Suwon that have completed export contracts with foreign buyers.

Marketing and commercialization support for SMEs to enhance the competitiveness of export products will increase from 169 companies to 202 companies.

A Suwon city official said, "We will actively respond to minimize the damage to export companies caused by the U.S. tariff policies."