Local Governments Also on Alert Due to US Tariff Bombardment... Pyeongtaek City Holds Emergency Economic Council Meeting

Discussion of Countermeasures with Participation of Seven Organizations...
Operation of "Corporate Damage Reporting Center"
Mayor Jung Jang-seon: "Unprecedented Situation, Administrative Efforts Focused on Policy Response"

Pyeongtaek City in Gyeonggi Province has taken urgent measures in response to the tariff crisis originating from the United States.

On the 9th, Pyeongtaek City held an emergency economic council meeting with seven related organizations to discuss countermeasures against U.S. tariff policies. Attendees included officials from Pyeongtaek Customs Office, Pyeongtaek Chamber of Commerce and Industry, Pyeongtaek Industrial Complex Management Corporation, Pyeongtaek Industrial Promotion Agency, Gyeonggi FTA Trade Promotion Center, Gyeonggi Economic Science Promotion Agency, and Gyeonggi Credit Guarantee Foundation.

At the emergency economic council meeting held by Pyeongtaek City on the 9th, key agency officials are discussing countermeasures against the tariff crisis originating from the United States. Photo by Pyeongtaek City

The city and related organizations expressed concerns over the worsening business conditions of local companies due to the U.S. reciprocal tariff policies. Amid growing fears of regional economic stagnation caused by high exchange rates, high prices, and high interest rates, the Trump administration’s imposition of a 25% high tariff on Korean products is expected to further challenge export companies.

In particular, the city plans to minimize market anxiety by providing relevant information to companies through the Pyeongtaek Industrial Promotion Agency and others, following criticisms about the lack of information on tariff impacts in the industrial field. To this end, the city will conduct training sessions for export companies and operate a "Tariff Damage Reporting Center" to respond to corporate inquiries.

The city will prioritize export companies in loan projects among the business support programs confirmed this year and plans to support diversification of export target countries and customized export consultations. The emergency economic council meetings will continue to be held to develop additional tailored support measures. The city also plans to strengthen promotion of financial support policies such as the government’s "Emergency Support Program" and the Gyeonggi Credit Guarantee Foundation’s "Special Management Fund."

Jung Jang-seon, mayor of Pyeongtaek City, said, "Although this is an unprecedented situation, the lack of related information has increased companies’ anxiety," adding, "We will focus administrative efforts on preparing countermeasures for tariff policies."