The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced that it will hold an 'Export SME Support Training and On-site Consultation Session in Respect of the Possibility of Reciprocal Tariffs by the U.S. Government' at 1:00 PM on the 28th at the K-Biz Hall of the Korea Federation of SMEs.
The tariff response education and on-site consultation, jointly hosted by the Ministry of SMEs and Startups and the Korea Federation of SMEs, was designed to share the latest trends and provide guidance on government-prepared SME support policies to minimize damage for SMEs that have difficulty responding immediately to changes in U.S. tariff policies on steel, aluminum, and their derivatives. In addition, a consultation booth will be operated where customs experts from Samil PwC and others will provide on-site consultations.
On this day, the main programs of the briefing session are as follows.
- The first session will provide theoretical education on ▲ the latest trends in U.S. tariff policy and ▲ changes in tariff policy for each major product, as well as practical content centered on the industrial field that small and medium-sized businesses should know in practice, such as ▲ calculation methods for steel and aluminum content, and ▲ response methods when it is unclear whether a product is subject to tariffs.
- The second session introduces government support policies for SMEs. First, the Ministry of SMEs and Startups introduces ▲Fast Track policy funding for companies affected by tariffs, ▲Foreign Corporation Local Settlement Policy Funds, which support overseas corporations of domestic SMEs for the first time, and ▲15 Export Difficulty Reporting Centers where difficulties in the field can be received at any time, and the Korea Testing & Research Institute for Chemical Industry (KTR) provides ▲Overseas Standard Certification Acquisition Support Project to provide support for certification acquisition costs necessary for the process of diversifying export countries.
Meanwhile, the Korea Customs Service explains how domestic export companies can easily check items subject to tariffs based on the export declaration item number along with the ▲ table of links between 290 U.S. product numbers (HTS) and Korean product numbers (HSK) for steel and aluminum derivatives announced on March 18.
Lastly, the Korea Trade-Investment Promotion Agency (KOTRA) will also share frequently asked questions and response methods from companies through the ‘Tariff Response 119’ system.
This event is not limited to simple education, but also includes customized on-site consultations for companies struggling with changes in U.S. trade policy. Private sector export and customs experts, including the SME Business Support Team and Samil PwC, will participate to provide the latest information on exports and practical advice on difficulties. Companies that did not apply in advance can also participate in consultations by registering on-site.
Starting with the Seoul event on the 28th, the Ministry of SMEs and Startups plans to hold a series of customs response education and on-site consultations in each metropolitan area in April, including Jeolla (April 7) → Gyeonggi (April 9) → Chungcheong (April 11) → Gyeongsang (April 15). Local SMEs can refer to the schedule of regional briefing sessions and apply for online pre-consultations and participate on-site to collect information on the rapidly changing export environment and establish strategies.
On February 18, the Ministry of SMEs and Startups announced the 'Emergency Export Measures for All Ministries' prepared jointly by related ministries, and the 'SME and Venture Company Export Support Plan' of the Ministry of SMEs and Startups, so that SMEs can respond to external uncertainties such as tariffs without any gaps. In addition, in order to establish a rapid support system for companies affected by tariffs, the Ministry is operating the 'SME Globalization Support One-Team Council' by combining policy and private sector capabilities with nine related organizations including the Korea Federation of SMEs and the Korea Economic Association, professional law and accounting firms such as Samil Accounting Corporation, Kim & Chang, and Gwangjang Customs Corporation, and financial institutions such as KB, Shinhan, Woori, and Hana.
Noh Yong-seok, Director of the Small and Medium Business Policy Office, said, “As concerns grow among our exporting companies due to the imposition of tariffs on steel and aluminum on March 12 and the imposition of reciprocal tariffs scheduled for April 2, we have prepared this event to provide customized information and explain export support policies necessary to improve the responsiveness of our small and medium-sized businesses.” He added, “In the future, we plan to provide various tariff response information and support policies in an easy-to-understand manner through the Export Support Center website, while providing prompt support for complaints received at the Complaint Reporting Center through an emergency response team comprised of public and private sector experts.”
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