South Korea’s Industry Minister Kim Jung-kwan announced a new export guarantee program for its steel industry to counter US tariffs. The scheme, jointly developed by the government, steel producers, and financial institutions, will provide around 400 billion won in financial support to strengthen steel supply chains.

Kim also pledged to keep negotiating with the US to cut tariffs, boost unfair import protection, and ease regional economic tensions from steel industry woes. 

Additionally, the Trade, Industry, and Energy Ministry met with private firms and trade agencies to address potential US tariff expansions on steel/aluminum derivatives, vowing to help with opposing tariff hikes.