South Korea will prepare measures to help companies cope with higher U.S. tariffs and expand into new markets, the Finance Ministry said on Tuesday, as it kicked off a task force to prepare the new administration's economic policy plans, Reuters reported.

On the domestic front, the government will come up with measures to boost short-term demand, as well as financial support for mid- to long-term technology development to enhance market competitiveness, it said in a statement.

South Korea reached a trade deal with the U.S. last week, just days before President Donald Trump's threatened 25% tariff rate was due to come in on its exports to the United States, according to Reuters.