Oh Youngju calls for swift export aid activation for SMEs hit by Trump tariffs

On the 12th, the Ministry of SMEs and Startups held a field meeting at GJR Aluminum located in Hwaseong, Gyeonggi Province.

This meeting was organized to listen to the difficulties faced by small and medium-sized enterprises due to the implementation of tariffs on steel and aluminum by the U.S. government and to discuss countermeasures.

Participants included Oh Youngju, Minister of the Ministry of SMEs and Startups, Kim Gi-moon, President of the Korea Federation of Small and Medium Enterprises, Jeong Han-sung, CEO of Jinsin Precision, and Kwak In-hak, CEO of Guangsteel, among others from the steel and aluminum industry.

During the meeting, various suggestions were made, including ▲ addressing weakened price competitiveness in the U.S. market ▲ promoting early negotiations to resolve tariff uncertainties ▲ strengthening information provision to respond to tariff measures.

Yoo Kyoung-yeon, CEO of GJR Aluminum, said, “We are currently negotiating export contracts with American companies for aluminum parts used in air conditioners, heat exchangers, and transformers, but we are experiencing difficulties in export negotiations due to tariff measures.”

Jeong Han-sung, CEO of Jinsin Precision, emphasized, “It is necessary for the government to implement support policies to prevent domestic steel and aluminum raw material prices from skyrocketing.”

In response, the Ministry of SMEs and Startups stated that it will operate an emergency response team to establish a rapid support system for corporations affected by tariffs. It will also receive reports of damages and provide consultations for export SMEs at 15 assistance reporting centers nationwide. Information about the list of steel, aluminum, and derivative products subject to U.S. tariffs will also be provided, along with consultation support.

Additionally, the reasons for management difficulties in emergency management stabilization funds will include 'protectionist trade damage.' This will enable the affected export corporations to receive management normalization funds and simplify paperwork.

Furthermore, corporations affected by tariff measures will receive preferential support for diversifying exports. Separate support allocations will be designated in the second export voucher program scheduled for May, along with export strategy consulting.

Minister Oh Youngju noted, “As the tariff policy of the Trump administration materializes, the uncertainty felt by export SMEs is greater than ever,” and added, “We will actively support the normalization of export SMEs through swift assistance.”