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Government doubling budget for supporting SMEs affected by new foreign trade barriers

Published: 12 Mar. 2026, 12:28

Trade containers are stored in a cargo terminal at Pyeongtaek port, Gyeonggi, on March 1. [YONHAP]

The government will double its budget this year to support small- and medium-sized enterprises (SMEs) in responding to foreign trade regulations, officials said Thursday, in response to trade barriers strengthening among major economies.

The budget for the support program will be expanded to 2 billion won ($1.3 million) this year, up from 1.08 billion won in 2025, the Ministry of Trade, Industry and Resources said.

Under the program, the ministry will provide consulting services on responses to foreign countries' antidumping and safeguard measures, as well as tariff policies.

It will also help companies identify the scope of U.S. sector-based tariffs and other import restriction measures of major economies, while assisting them in submitting opinions to foreign governments in relation to trade probes.

Earlier in the day, U.S. President Donald Trump's administration said it had opened trade inquiries into Korea, China, Japan and 13 other economies under Section 301 of the 1974 Trade Act to uncover unfair trade practices related to structural excess capacity and production.

The U.S. also plans to initiate additional investigations under a legal provision that allows the office of the U.S. Trade Representative to investigate unfair foreign trade practices, a move expected to likely result in tariffs.

Yonhap