Govt. announces additional support for exporters amid continued US tariff concerns
"Despite yesterday's tariff agreement between the United States and China, global trade conditions are still marked by considerable uncertainty," acting Finance Minister Kim Beom-suk said during a meeting with economy-related ministers.
The announcement follows high-level negotiations held in Geneva, Switzerland, on Tuesday (local time), where Washington and Beijing reached a temporary agreement to ease tariffs for a 90-day period. Under the deal, US tariffs on Chinese goods will be reduced from 145 percent to 30 percent starting Wednesday, while China will cut tariffs on US exports from 125 percent to 10 percent.
In response to new US tariffs, including 25 percent country-specific duties on South Korea that are temporarily lowered to 10 percent until early July, the South Korean government has introduced a series of measures aimed at easing the burden on affected domestic exporters and bolstering resilience in key industries.
The measures included the implementation of the so-called one-on-one liaison officer system to provide direct support for local exporters affected by tariffs, helping them resolve customs-related difficulties, the finance ministry said in a press release.
Under its latest support measures, the government will increase overseas shipping fee discounts, from the current 10 percent to 15 percent, through collaboration with major logistics companies.
The government will also enhance monitoring to prevent unfair trade practices, such as the unjust transfer of tariff burdens to subcontractors, officials said.
To support the continued growth of the secondary battery and electric vehicle industries, the government will introduce a mandatory quota system for the use of recycled materials in new batteries.
Also, the government will expand the deployment of reused batteries in sectors such as ports and rural areas to stimulate early demand for recycled energy storage solutions.
In addition, the government plans to exempt low-risk waste generated during battery production from waste management regulations, in a bid to facilitate recycling.
"The government will remain vigilant to ensure that the South Korean economy can safely navigate through the tunnel of uncertainty," Kim said. (Yonhap)
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