South Korean Government to Extend $182.4 Million in Loans to Auto-Parts Manufacturers to Soften Blow From US Tariffs

South Korean government to extend $182.4 million in loans to auto-parts manufacturers to soften blow from US tariffs

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 eco-friendly vehicles since 2024 can apply for the loan program, which will provide a maximum 500 million wo…

Companies could also receive state support in connection with US tariffs, by expanding external factors to include unforeseen extraordinary situations. This follows from a draft amendment to the Act on Support during Short-Time Work (kurzarbeit) from the Ministry of Labor, Social Affairs and Family, which was approved by the government on Wednesday. Robert Fico's cabinet (Smer) also asked parliament for a discussion in an abbreviated legislative…