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South Korea announces emergency measures for auto industry hit by US tariffs

South Korea on Wednesday announced emergency support measures for its auto sector, seeking to reduce the blow of U.S. President Donald Trump's tariffs on a sector that has seen years of sharply rising exports to the United States. The measures include financial support for automakers as well as tax cuts and subsidies to boost domestic demand, while the government also vowed efforts to negotiate with the U.S. and help expand markets. Trump has announced a 25% tariff on imported cars and light trucks starting on Thursday.

South Korea on Wednesday announced emergency support measures for its auto sector, seeking to reduce the blow of U.S. President Donald Trump's tariffs on a sector that has seen years of sharply rising exports to the United States.

The measures include financial support for automakers as well as tax cuts and subsidies to boost domestic demand, while the government also vowed efforts to negotiate with the U.S. and help expand markets.

Trump has announced a 25% tariff on imported cars and light trucks starting on Thursday..