Anchor: The government is enhancing support for domestic exporters and businesses that decide to resume local production amid the latest tariffs from the U.S. Acting President Choi Sang-mok is calling the situation an “all-out war” in global trade.
Choi You Sun reports.

Report: Acting President Choi Sang-mok said it is countries’ responses to the U.S.-led trade war that will determine their fates.

Presiding over a Cabinet meeting Tuesday, Choi said the Donald Trump administration has “pulled the trigger in the tariff war” in reference to the latest announcement.

At the export strategy meeting that followed, Choi announced a package of emergency measures, such as extensive cuts to corporate taxes, income taxes and tariffs for domestic firms that reduce overseas production and return home.

Prerequisites will be eased for state subsidies for such businesses, while incentives, including financial support, will increase.

The government intends to provide a record amount in trade financing for exporting companies, such as loans and payment guarantees: 366 trillion won, or around 254 billion U.S. dollars.

Businesses that have suffered damage from the Trump tariffs will be eligible for “export vouchers,” support packages consisting of damage assessments through local consulting firms, and assistance in discovering alternative markets.

The government ultimately plans to expand and diversify the country’s U.S.- and China-centered export markets to include the Global South.

Initiatives include establishing or reinforcing overseas offices run by the Korea Trade-Investment Promotion Agency and the Korea International Trade Association, and tripling the trade insurance threshold for high-quality importers doing business in the region.
Choi You Sun, KBS World Radio News.