The government will further enhance its push for an extra budget aimed at addressing trade risks and other pending issues surrounding the economy that will include close communication with the National Assembly, the finance minister said Monday.
The pledge comes after the US Donald Trump administration announced reciprocal tariffs, including 25 percent duties for South Korea, that are set to go into effect this week.
“We need to devise support measures for sectors that require urgent attention, while assessing (the reciprocal tariffs’) impact on the macroeconomy,” Finance Minister Choi Sang-mok said during a meeting with the ministers of foreign affairs, industry and trade.
Choi stressed the need for “close communication” with the Assembly to draw up a supplementary budget to respond to trade risks, create a fund for advanced industries, strengthen the country’s competitiveness in artificial intelligence technology and provide financial support to small businesses, according to the finance ministry.
Choi also said the government has reviewed its response strategy to US tariffs ahead of the trade minister’s planned visit to Washington, while monitoring the responses of governments of other major economies.
The government earlier proposed a 10 trillion-won ($6.8 billion) supplementary budget, which Choi said was the minimum to address the “most pressing issues” largely caused by the recent wildfires that devastated the country’s southeastern regions. (Yonhap)
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