South Korea on Wednesday announced a package of measures to cushion the impact of U.S. tariffs and bolster key industries, including $9.8 billion (13.6 trillion won) in emergency financing for firms hit by trade restrictions. The plan includes low-interest loans for steel and aluminum producers, a new $143.6 million (200 billion won) lending program, interest subsidies for small and mid-sized enterprises and emergency quota tariffs on core steel raw materials.

The government also said it would expand trade insurance to a record $193.8 billion (270 trillion won) this year and create a $71.8 billion (100 trillion won) investment fund to