South Korea announced a supplemental budget plan worth 12.2 trillion won ($8.6 billion) on Friday to support key industries and address domestic recovery needs as trade tensions with the United States intensify, according to Yonhap News Agency.
The government-recommended budget includes $2.25 billion earmarked for disaster prevention and recovery efforts following some of the worst wildfires in the country’s recent history.
An additional $3 billion is set aside to alleviate pressures on household finances, while $3.1 billion is allocated to bolster high-tech industries and reduce trade-related vulnerabilities, the report said.
US President Donald Trump hit South Korea with 25% tariffs among other nations but later gave them — except for China — a 90-day reprieve on April 9 to reach trade deals.
All nations must, however, pay 10% tariffs on exports to the US, during the 90-day pause.
China currently has a tariff rate of up to 245% imposed on it by the US as the world’s largest economy said it seeks “trade fairness.”
Countries have been seeking trade deals with the US as the EU and Japan already visited Washington this week.
South Korea was also among the countries that sent trade representatives to Washington on April 10.