SEOUL: South Korea unveiled a 12 trillion won supplementary budget plan to shore up the country’s export-reliant economy threatened by Donald Trump’s tariffs as officials prepare to head to the United States to negotiate a lower duty.
The amount is up from an originally planned 10 trillion won, with a third of the total earmarked for dealing with trade risks and boosting the country’s artificial intelligence capabilities, Finance Minister Choi Sang-mok said yesterday.
“Timing is the most important for this extra budget,” Choi said at a meeting with top economic policymakers.
“I earnestly request the parliament’s bipartisan cooperation and handling of this extra budget plan to pass it as quickly as possible.”
A delay in coming up with an extra budget has been a concern for the financial markets, and the central bank governor had also urged the government to provide additional stimulus to an economy hit with slowing exports and a political crisis. — Bloomberg
