South Korea Boosts Support Amid New U.S. Tariffs Impact

South Korea pledges new support for key export sectors, particularly biopharmaceutical and auto industries, as Trump's tariffs loom. Authorities plan to bolster 'U-turn' investments and assist pharmaceutical companies facing U.S. tariffs. Trade talks continue to mitigate potential impacts, with key deadlines approaching.

South Korea's government announced additional support measures on Wednesday to shield its key export sectors, such as biopharmaceuticals and automobiles, from recent U.S. tariffs imposed by President Donald Trump. With a focus on the impacts on these industries, authorities have prepared specific packages.

Acting Finance Minister Kim Beom-seok acknowledged the looming threat of tariffs, emphasizing preparations for item-specific duties on pharmaceuticals and semiconductors. These measures aim to boost 'U-turn' investments back to South Korea, supporting domestic manufacturing amid trade tensions.

Despite uncertainties, consequential meetings between South Korean and U.S. trade officials continue in efforts to secure exemptions and strike deals ahead of the July 8 deadline for tariff implementation. The government reaffirmed its commitment to bolster exports, with particular attention on the U.S. market.

(With inputs from agencies.)