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Gov't to bolster support for SMEs amid planned expansion of U.S. tariffs on steel, aluminum derivatives

Published: 18 Aug. 2025, 12:51

Cars are waiting to be exported at a port in Pyeongtaek, Gyeonggi, on Aug. 7. [YONHAP]

The government will strengthen support measures for small- and medium-sized enterprises (SMEs) to be affected by the planned expansion of U.S. tariffs on steel and aluminum derivative products, the Industry Ministry said Monday.

U.S. President Donald Trump's administration is set to start imposing 50 percent duties on 407 additional steel and aluminum derivatives Monday. The United States has been imposing 50 percent tariffs on all steel and aluminum imports since June 4.

The newly added products subject to such tariffs include machinery, auto parts and electronics devices, according to the Ministry of Trade, Industry and Energy.

"To minimize the damage to our companies, the government will significantly expand the ongoing support program for SMEs to help them respond to [Washington's] import regulations," the ministry said in a press release.

"We will greatly expand the scope of consulting services, including verification of steel and aluminum content and certificates of origin, while also drastically reducing companies' cost-sharing burden," it added, noting the Trump administration is expected to further widen the list of products subject to the hefty steel and aluminum tariffs next month.

Yonhap