Seoul: Finance Minister Choi Sang-mok announced Tuesday that the government is set to reveal the specifics of a proposed 10 trillion-won (US$6.8 billion) supplementary budget early next week. The announcement follows a meeting with economy-related ministers.
According to Yonhap News Agency, the supplementary budget aims to address pressing issues arising from recent wildfires in the southeastern regions and the impact of newly announced U.S. tariffs. The U.S. administration's country-by-country reciprocal tariffs, including a 25 percent duty on South Korea, are scheduled to take effect this week.
The budget proposal is expected to allocate approximately 3 to 4 trillion won towards trade responses and enhancing artificial intelligence competitiveness. Similarly, 3 to 4 trillion won will be directed towards supporting low-income households.
Choi expressed concerns about the implications of the U.S. tariffs on South Korean industries, businesses, and the volatility in global stock markets. He noted the importance of addressing the impact on financial and foreign exchange markets.
Additionally, Choi stressed the need for ongoing communication with the National Assembly to ensure timely protection of industries and businesses during this critical period.