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Busan Metropolitan City Holds “Export Crisis Response Review Meeting” Ahead of U.S. Tariff Waiver Expiration

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Busan Metropolitan City (Mayor Park Heong-joon) announced that, in preparation for the expiration of the U.S. Trump administration's tariff waiver period on July 9*, it will hold an “Export Crisis Response Review Meeting” today (July 7) at 4:00 p.m. in the conference room on the 7th floor of City Hall, with the participation of export-related institutions.

* 2025.7.8 at 24:00 (local time), equivalent to 13:00 on July 9 Korean time.

The meeting, presided over by the Deputy Mayor for Administrative Affairs, will be attended by key export-related institutions and export companies to share information on global trade risks, including changes in U.S. tariff policy, and to discuss support measures by institution to minimize damage to local businesses.

Participants include representatives from the Busan Branch of the Korea International Trade Association (KITA), KOTRA Busan Office, Busan Branch of Korea Trade Insurance Corporation (K-SURE), Busan Regional Office of SMEs and Startups, Busan Main Customs, and the Busan Chamber of Commerce and Industry—totaling over 10 attendees.

Notably, three local export companies expected to be impacted by the recent U.S. tariffs—Felix Tech Co., Ltd., GMAX Co., Ltd., and Nature ZIA Co., Ltd.—will also attend to share their on-the-ground experiences. Their representatives will present actual export-related challenges and explore cooperation measures with relevant institutions.

The City will continue to monitor developments concerning the reimposition of U.S. tariffs until July 9 and will actively review the suggestions raised at today’s meeting to establish effective response measures aimed at minimizing export losses in the region.

Meanwhile, Busan Metropolitan City has proactively responded to changes in the global trade environment by implementing “Busan Emergency Export Strategy 2.0” to mitigate export loss risks for local companies and protect their competitiveness. The City will continue to pursue practical support policies in the second half of the year through ongoing monitoring.

Key initiatives include:

• ●Emergency operating funds of up to KRW 800 million per company, with a total program scale of KRW 100 billion;

• ●Expanded support for export insurance and credit guarantee fees;

• ●Creation of a new customs response support category within the Export Voucher Program;

• ●Establishment and operation of the “Customs Response 119” one-stop consultation service;

• ●Support for restructuring trade away from dependence on the U.S. and for developing new export markets.

Additionally, in April, the City launched an “On-site Export Crisis Response Team” to provide tailored support to companies facing urgent difficulties. In June, it hosted the “Noksan Industrial Complex Targeted Customs Briefing” for export companies to address customs and clearance issues, gathering feedback and developing practical countermeasures.

In the second half of the year, the City will upgrade the existing integrated overseas marketing system to a more business-friendly and demand-oriented platform, thereby improving accessibility and encouraging utilization. Furthermore, through collaboration with the Busan Bar Association, the City will introduce a “One Company, One Legal Advisor” program to provide needed legal services and resolve corporate difficulties.

Lee Jun-seung, Deputy Mayor for Administrative Affairs, stated, “With the reimposition of U.S. tariffs and the rise of protectionism, uncertainty in the global trade environment is increasing. This review meeting is a crucial opportunity to closely assess the potential impact of the end of the U.S. tariff waiver and to examine each institution’s response system.” He added, “We will continue to communicate with the field and work closely with relevant institutions to minimize damage to local export companies.”