Emergency Aid for the Auto Sector

In response to the recent imposition of a 25% tariff on foreign-made cars by United States President Donald Trump, the South Korean Ministry of Economy and Finance has unveiled a significant financial support plan. The ministry is set to provide 3 trillion won ($2 billion) in emergency aid to bolster the country's car industry during these challenging times.

Financial Support Details

"While the exact amount is still under discussion, the financial assistance is expected to reach approximately 3 trillion won," the ministry elaborated. This aid will be channeled through state-operated financial institutions, including the Korea Development Bank (KDB), to ensure swift and effective distribution.

Broader Economic Measures

Beyond immediate relief, South Korea is also taking long-term steps to secure the future of its automotive sector. A 50 trillion won strategic fund is planned over the next five years, aimed at advancing future mobility technologies and ensuring the industry's global competitiveness.