Countdown to End of US Reciprocal Tariffs... Busan City Holds Export Crisis Response Review Meeting

Busan City Responds to Trade Uncertainty
Proactive Export Support Policies to Reduce Corporate Risks and Maintain Competitiveness

Busan City has begun preparing countermeasures to minimize damage to local export companies ahead of the end of the US reciprocal tariff suspension.

On July 7 at 4 p.m., the city will hold an "Export Crisis Response Review Meeting" in the conference room on the 7th floor of City Hall with export-related organizations and local export companies. The meeting will assess the impact of changes in US tariff policy on the regional economy and discuss response strategies.

This meeting was arranged as a proactive measure to respond to the growing trend of protectionism, ahead of the scheduled end of the reciprocal tariff suspension period introduced by the Trump administration, which is set to expire on July 9 (Korea Standard Time).

Key representatives from major export support organizations attended the meeting, including the Busan Regional Headquarters of the Korea International Trade Association, the Busan Office of KOTRA, the Busan Regional Headquarters of the Korea Trade Insurance Corporation, the Busan Regional Office of the Small and Medium Business Administration, Busan Main Customs, and the Busan Chamber of Commerce and Industry. Local export companies such as Felix Tech Co., Ltd., Gmax Co., Ltd., and Jayeonjiae Co., Ltd. also participated to directly share the difficulties they face and to explore support measures with each organization.

Based on the suggestions and concerns raised during this meeting, the city plans to swiftly develop countermeasures to ensure that local companies do not suffer actual damage from the imposition of tariffs.

Previously, Busan City established the "Emergency Export Measures 2.0," which includes: emergency operating funds of up to 800 million won per company, with a total allocation of 100 billion won; expanded export insurance and credit guarantee fees; operation of a "Tariff Response 119" consultation center; creation of a new tariff response sector within the export voucher program; and support for pioneering new markets to reduce dependence on the US. These measures are part of the city's proactive response to trade crises.

Since April, the city has also operated an "Export Crisis On-Site Response Team" to provide close support to companies. In June, it held the "Noksan Industrial Complex Tariff Pinpoint Point Briefing" for local companies to share tariff and customs clearance issues and gather on-site feedback.

In the second half of the year, Busan City plans to revamp its overseas marketing integrated system into a company-friendly platform and introduce the "One Company, One Legal Advisor System" in cooperation with the Busan Bar Association to improve access to legal services.

Lee Joonseung, Deputy Mayor for Administrative Affairs of Busan City, emphasized, "We will proactively respond to trade risks arising from the end of the tariff suspension and maintain a close cooperation system so that local companies remain resilient amid changes in the trade environment."

In December of last year, Busan City held a public-private joint economic situation review meeting in preparation for the launch of the new US administration.