South Korea Reveals Aid Plan Amid Rising US Tariff Conflicts
(MENAFN) South Korea revealed an additional spending package totaling 12.2 trillion won (USD8.6 billion) on Friday, aiming to reinforce major sectors and stimulate domestic economic recovery, as trade frictions with the United States escalate, based on a news agency.
The proposed fiscal measure includes USD2.25 billion dedicated to "disaster prevention and recovery efforts" following some of the most destructive wildfires the nation has experienced in recent times.
Another USD3 billion is designated to ease the strain on household budgets, while USD3.1 billion will be used to strengthen advanced technology sectors and lessen dependence on vulnerable trade routes, the report stated.
United States Leader Donald Trump imposed 25 percent duties on South Korean goods—along with those from other countries—but later granted a temporary 90-day exemption on April 9 for all but China, offering time to negotiate trade agreements.
During this 90-day grace period, all nations are still required to pay 10 percent levies on exports sent to the United States.
China currently faces a tariff as high as 245 percent from the US, as the American government pursues what it calls "trade fairness."
Several countries, including those in the EU and Japan, have already traveled to Washington this week to negotiate terms, and South Korea also dispatched trade envoys to the US capital on April 10.
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