South Korea passes extra Budget before tariff deadline

SEOUL: South Korea’s parliament and cabinet approved a 31.8 trillion won (US$23.3 billion) extra budget as new President Lee Jae Myung seeks to revive an economy struggling with weak consumption and mounting trade risks from US tariffs.

The figure is up from the 30.5 trillion won initially proposed by the government, with more money allocated for cash coupon handouts, the Finance Ministry said.