South Korea braces for Trump's policies with biggest-ever export finance support

SEOUL, SOUTH KOREA — 

South Korea pledged connected Monday a grounds magnitude of financing enactment for exporters to mitigate immoderate antagonistic interaction from changes successful U.S. commercialized policies arsenic Donald Trump was poised to beryllium sworn successful for his 2nd presidency.

The authorities plans to supply 360 trillion won, oregon $247.74 billion, worthy of argumentation financing to exporting companies done state-run banks and institutions this year, according to a connection released by the concern ministry.

"There are concerns that outer uncertainty volition beryllium heightened nether the incoming U.S. medication and adversely impact exports," the ministry said.

The ministry said it would besides boost security enactment to defender against overseas speech volatility to $966 cardinal this year, from $827 cardinal past year, and spending connected authorities projects, specified arsenic commercialized fairs and delegations, to $2 cardinal from $1.45 billion.

Sectors peculiarly nether menace of caller U.S. policies are semiconductors and rechargeable batteries, the ministry said, whereas defense, atomic vigor and shipbuilding sectors are seen arsenic much promising due to the fact that of country for practice with the United States.

U.S. President-elect Trump, who takes bureau aboriginal connected Monday, has pledged to enforce stiff tariffs connected large trading partners, specified arsenic Mexico, Canada and China, which are besides expected to impact South Korean companies moving factories successful those countries.

Economists accidental determination are worries that the Trump medication volition present commercialized policies against South Korea too, aft Asia's fourth-largest system earned a record-high surplus of $55.7 cardinal successful commercialized with the U.S. successful 2024, up 25.4% from 2023.

The Korea International Trade Association, South Korea's biggest radical of exporting companies, projects export maturation to dilatory to 1.8% this year. Last year, South Korea's exports roseate 8.1% to a grounds precocious of $683.7 billion, arsenic income to the U.S. roseate 10.4%.