[News1] "Even a 15% tariff is a heavy burden"... SMEs say, "Support is needed to secure competitiveness"

On the 6th, Han Seong-sook, Minister of SMEs and Startups, posed for a commemorative photo with attendees at the '2nd SME Policy Field Tour' held at Silicon2 in Gwangju, Gyeonggi Province.

Export SMEs met with Han Seong-sook, Minister of SMEs and Startups, to request government support to respond to global environmental changes, such as the imposition of U.S. tariffs.

Although exports from SMEs in the first half of this year increased by 3% compared to the same period last year, the global environment remains challenging due to the aggressive push of low-cost Chinese products and the 15% tariff imposed by the U.S.

Export SMEs attending the meeting requested financial support for securing price and quality competitiveness, as well as support for research and development (R&D).

On the 6th, Minister Han visited the Silicon2 logistics center in Gwangju, Gyeonggi Province, as part of her second policy field tour for the SME sector. Silicon2, a company that distributes cosmetics, the number one export item for SMEs, exports K-beauty products to over 160 countries.

At the meeting, representatives from various sectors, including not only cosmetics but also key export items for SMEs such as △plastics △chemical products △construction equipment △automobile parts, attended and voiced their difficulties regarding the 15% tariff imposed on the U.S. market.

Jang Chae-min, CEO of Brahms Life Health, which manufactures massage chairs, shared an example of how new product research and development, as well as launches, have been halted due to the imposition of U.S. tariffs.

On the 6th, Han Seong-sook, Minister of SMEs and Startups, is making an opening statement at the '2nd SME Policy Field Tour' held at Silicon2 in Gwangju, Gyeonggi Province.

There were also voices calling for a subsidy policy equivalent to the tariff imposition, limited to the period of Donald Trump's presidency.

There were also industry demands for R&D support to secure product competitiveness in order to compensate for the reduced price competitiveness due to tariffs.

Ahn Gyu-hee, Executive Director (Chief Operating Officer) of Taejeong Machinery, emphasized, "In order for Korea to compete with low-cost products from China and India, it must secure product competitiveness," and stressed, "Proactive R&D support is necessary."

Minister Han stated, "We will utilize all available communication channels, including the Korea Federation of SMEs and relevant associations, to swiftly and accurately provide essential information, such as tariff imposition standards, to export SMEs." She added, "We will also identify exemplary cases in the industry, such as smart factories, to help secure product competitiveness."