Publication Date: September 16, 2025 (Issue No. 778)
Discussions Held on the Impact of Tariffs on Export-Oriented SMEs and Support Measures
Chairman Shin: “Urgent measures are needed to minimize damage to industries such as the mold sector.”
Mr. Shin Yong-moon, Chairman of our Association, attended the “SME Tariff Issues Review Meeting” held on Tuesday, September 9, at the Innovation Room of the Korea Federation of SMEs (KBIZ).
The meeting, chaired by Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups (MSS), was the first consultative session held following the government’s announcement on September 3 of the “Support Measures for SMEs in Response to the Implementation of U.S. Reciprocal Tariffs.” The purpose of the meeting was to ensure the swift and effective implementation of the announced support policies at the operational level.
The meeting was attended by Vice Minister Noh Yong-seok, Chairman Shin Yong-moon, officials from related government agencies, and representatives of exporting small and medium-sized enterprises.
Participants discussed the industry-specific impacts of reciprocal and product-specific tariffs, the abolition of the de minimis exemption, and the resulting export challenges faced by SMEs.
In particular, exporting SMEs raised various on-site concerns, including:
In addition, discussions were held on the rapid implementation of key initiatives under the “Support Measures for SMEs in Response to U.S. Reciprocal Tariffs,” support for expansion into emerging markets such as the Global South, and the provision of clear and timely tariff-related information for SMEs.
Currently, according to announcements by the U.S. Department of Commerce, a total of seven mold product categories have been designated as steel and aluminum derivative products under the U.S. Harmonized Tariff Schedule (HTS), making them subject to a 50% tariff.
At the meeting, Chairman Shin stated:
“In June, our Association submitted a formal opposition letter to the U.S. Department of Commerce on behalf of the mold industry regarding the inclusion of molds in the tariff list; however, our position was not reflected in the final decision.”
He further emphasized:
“As the United States is the largest export market for Korea’s mold industry, the inclusion of molds under product-specific tariffs is expected to reduce demand in the U.S. market and significantly weaken price competitiveness, ultimately undermining export competitiveness.”
Chairman Shin strongly urged the government to take the following actions:
Meanwhile, a survey conducted jointly by the Ministry of SMEs and Startups, the Korea SMEs and Startups Agency, and the Korea Federation of SMEs targeting 609 SMEs exporting to the United States from August 11 to 20 revealed that 63.1% of respondents reported that reciprocal tariffs had a negative impact on their exports.
When asked about the most necessary policy measures to respond to reciprocal tariffs, respondents cited:
At the meeting, MSS announced plans to strengthen support measures in response to U.S. tariffs, including:
Vice Minister Noh Yong-seok stated:
“We have continuously introduced additional support measures by reflecting changes in the global trade environment and the voices of businesses on the ground, including SME tariff response measures announced in February and May, as well as the support measures following the full implementation of reciprocal tariffs in September.”
He added:
“We will continue to ease the management burden caused by tariffs through logistics and financial support, while actively supporting SMEs’ expansion into emerging markets such as the Global South.”
Our Association will continue to urge the government and related institutions to strengthen support measures to minimize tariff-related damage to the mold industry, while also pursuing industry-level strategies to overcome the current challenges.
