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After striking a trade pact with the United States, South Korea is poised to ramp up its policy support for the domestic auto sector. As a nation heavily reliant on exports, South Korea is gearing up to offer domestic automakers and component suppliers a support package worth over KRW 15 trillion (roughly USD 10.2 billion). This initiative encompasses the launch of novel loan schemes and the establishment of tariff quotas for manufacturing raw materials.
In late October, South Korea and the United States inked a deal to slash the tariff rate applicable to South Korea's auto industry down to 15%. However, the South Korean Prime Minister's Office voiced apprehensions, stating that even with the tariff reduction to 15%, it could still pose a significant strain on export-oriented businesses.
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