Gov't to extend $182.4 million in loans to auto-parts manufacturers to soften blow from U.S. tariffs
Published: 28 May. 2025, 15:06
![Vehicles for export are parked at the car terminal of Pyeongtaek Port in Pyeongtaek, Gyeonggi on April 29. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2025/05/28/ee952c70-a37c-4635-9ac1-45c7a37313df.jpg)
Vehicles for export are parked at the car terminal of Pyeongtaek Port in Pyeongtaek, Gyeonggi on April 29. [NEWS1]
The government will extend a combined 250 billion won ($182.4 million) worth of low-interest loans to small and medium-sized auto-parts manufacturing firms until the end of next year as part of efforts to help buffer shocks from U.S. tariff measures, the industry ministry said Wednesday.
Auto-parts manufacturers with a record of exporting environmentally friendly vehicles since 2024 can apply for the loan program, which will provide a maximum of 500 million won in liquidity support per company, according to the Ministry of Trade, Industry and Energy.
The program comes as part of the government's broader plan to support industries suffering from trade uncertainties sparked by the U.S. Donald Trump administration's sweeping tariffs on auto, auto parts, steel and other imports.
Korea plans to execute 28.6 trillion won in emergency liquidity and financial assistance to support local export companies.
Yonhap
with the Korea JoongAng Daily
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