South Korea Plans $22 Billion Extra Budget as Tariffs Hit Growth
South Korea unveiled an extra budget worth billions of dollars, in a bid to support an economy struggling with sluggish consumption and mounting trade headwinds from Donald Trump's tariffs.
The 30.5 trillion won ($22.2 billion) proposal includes 15.2 trillion won for economic stimulus and 5 trillion won for supporting livelihoods like small businesses, the finance ministry said in a statement. Another 10.3 trillion won is set aside to cover revenue shortfall for this year's existing budget, as taxation income fell due to weaker corporate performance and consumer spending.
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