South Korea Pledges to Allocate Billions Amid US Tariffs
(MENAFN) South Korea has pledged to allocate up to 100 trillion won (USD68.12 billion) in emergency liquidity and additional market stabilization measures to assist domestic companies affected by the recent US tariffs, based on local media reports on Monday.
Kim Byoung-hwan, the head of the Financial Services Commission (FSC), which is the country's financial regulator, assured the government's continued support during a meeting in Seoul with the leaders of the top five financial holding companies, as reported by a news agency.
"Uncertainties are running high across the domestic economy, industries and financial markets due to the tariff policy. Financial holding companies and policy finance institutions should take the lead in stabilizing the market and play a more active role in providing financial support to businesses and other sectors," Kim was quoted as saying by the news agency.
Kim further emphasized that the FSC would make "all-out" efforts to ensure the smooth implementation of the USD68.12 billion market stabilization package, which is intended to provide liquidity whenever necessary.
The previous week, the Trump government announced new reciprocal tariffs on imports from various countries, with a 25 percent duty on South Korean goods, which are scheduled to take effect on Wednesday.
This move has contributed to a significant decline in global stock markets, such as in the United States, raising concerns about the potential for a global trade conflict and economic downturn.
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