Seoul: The government will expand support for South Korean companies that export food and agricultural products amid heightened global trade uncertainties sparked by U.S. tariffs, Seoul's agriculture minister said Wednesday.
According to Yonhap News Agency, Agriculture Minister Song Mi-ryung announced the government's commitment to bolster support for exporting companies. This move comes during a critical period where market diversification is needed to adapt to the rapidly changing export environment, notably affected by the United States' reciprocal tariffs. The minister made these remarks at a food export promotion fair held in Seoul.
The two-day fair commenced against the backdrop of growing concerns regarding the nation's food and agricultural exports. These concerns were heightened following the Donald Trump administration's recent announcement of "reciprocal" tariffs on South Korea and other nations earlier this month. On April 2, the U.S. administration declared steep reciprocal duties on its major trading partners, including a 25 percent tariff on South Korean goods, though a 90-day suspension of the new measures was granted to allow for negotiations.
The event features participation from 123 buyers representing 43 countries, including the U.S., China, and Japan, alongside 230 food companies from South Korea, as reported by the agriculture ministry.