South Korea will prepare support measures for agricultural and food exporters, while closely monitoring the impact of U.S. tariffs on the sector, the finance ministry said on Thursday, Reuters reported. The United States is the biggest export market for the sector, with more growth potential expected from a boom in demand for South Korean foods, the ministry said in a statement after a meeting to review government responses to U.S. tariffs. South Korean officials travelled to Washington, D.C.

South Korea's Minister of Trade and Industry Ahn Duk-geun said on Friday that Seoul would try to reach a deal with Washington on tariffs by the July deadline previously agreed, but warned that the target could be missed due to domestic politics, Reuters reported. The countries will hold technical consultations next week to proceed with tariff negotiations and expect to have another ministerial meeting in June, Ahn said, after meeting with U.S. Trade Representative Jamieson Greer.

South Korea will double the deposit insurance limit to 100 million won (US$71,174 or RM307,643) per client from September, raising the cap for the first time in nearly a quarter of a century to boost confidence in the banking system, Bloomberg News reported. The change will partially affect money markets as consumers may move their funds to high-interest paying institutions, such as savings banks, from commercial banks, the Financial Services Commission (FSC) said in an emailed statement on Thursday.

South Korea has prepared support measures for small and medium-sized firms expected to be hurt by U.S. tariffs, the government said on Wednesday, Reuters reported. The measures include financing support worth 4.6 trillion won ($3.25 billion), subsidies to ease the burden of logistics costs, and other policies to help expand export markets.

South Korea’s exports unexpectedly expanded for a third consecutive month in April, even as President Trump’s sweeping tariffs have started to hurt international trade, the Wall Street Journal reported. Exports from Asia’s fourth-largest economy rose 3.7% to $58.21 billion from a year earlier, following a revised 3.0% gain in March, according to preliminary data released by the trade ministry on Thursday. Shipments of computer chips and smartphones remained strong, rising 17% and 61%, respectively, and offsetting the decline in auto exports, which took a hit from Trump’s levies.

South Korea’s economy contracted in the first quarter after large-scale wildfires and political turmoil over its president’s impeachment suppressed consumer sentiment and business activities, the Wall Street Journal reported. The downbeat start to the year comes as a global trade war sparked by President Trump’s sweeping tariffs has darkened the outlook for the export-driven economy, likely bolstering the case for more monetary and fiscal stimulus.

The effects of President Trump’s new tariffs are starting to be felt across the world, preliminary South Korean trade data suggest, as Seoul prepares to begin negotiations with Washington, D.C., the Wall Street Journal reported. Exports from Asia’s fourth-largest economy fell 5.2% from a year earlier in the first 20 days of April, according to data from South Korea’s customs office released Monday ahead of full monthly trade figures due next week. Imports plunged 12%, leading to a trade deficit, the preliminary numbers showed.

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, Reuters reported. The measures include financial support for the auto industry 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.