South Korea has announced 4.6trn won ($3.25bn) in assistance measures for small and medium-sized enterprises (SMEs) that are expected to be harmed by US tariffs.

The strategy calls for financial aid, subsidies to offset logistics costs, and assistance in growing export markets. The government stated that, while SMEs accounted for 17 percent of Korea's exports in the first quarter, 81 percent consider themselves vulnerable to the 25 percent US tariffs introduced in April, which are currently suspended for 90 days, as reported by Reuters.

Earlier this month, the government approved an additional 13.8trn won budget, part of which will be used to mitigate the economic impact of these tariffs.