South Korea approves US$23.3 billion stimulus as Trump tariffs loom
Korea 's parliament approved a 31.8 trillion won (US$23.3 billion) extra budget as new President
Lee Jae-myung seeks to revive an economy struggling with weak consumption and mounting trade risks from US tariffs.
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The figure is up from the 30.5 trillion won initially proposed by the government, with more money allocated for cash coupon handouts, the Finance Ministry said.
Of the overall figure, 10.3 trillion won will be set aside to cover revenue shortfalls for this year's existing budget, as taxation income fell due to weak corporate performance and subdued consumer spending.
The opposition party boycotted Friday's vote over policy differences.
The stimulus package is the first since Lee took office last month after winning a snap vote with a pledge to boost growth. It's also the second supplementary budget this year after a 13.8 trillion won budget was approved by parliament in May.
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The passage comes just days ahead of a July 9 deadline for trade negotiations with the
US
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