South Korea approves US$23.3 billion stimulus as Trump tariffs loom

The figure is up from the 30.5 trillion won initially proposed by the government, with more money allocated for cash coupon handouts, the Finance Ministry said.

Of the overall figure, 10.3 trillion won will be set aside to cover revenue shortfalls for this year’s existing budget, as taxation income fell due to weak corporate performance and subdued consumer spending.

The opposition party boycotted Friday’s vote over policy differences.

The stimulus package is the first since Lee took office last month after winning a snap vote with a pledge to boost growth. It’s also the second supplementary budget this year after a 13.8 trillion won budget was approved by parliament in May.