South Korea cuts tariffs on food imports to ease living costs

SEOUL (Reuters) – South Korea will cut tariffs from June on higher priced edible products, including pork and sugar, to help ease people’s living costs, the finance ministry said on Tuesday.

The tariffs on seven food items will be lowered to 0% from as high as 10% currently, in response to short-term supply shortages, the ministry said in a statement.

The measure worth a total of 47.3 billion won ($35.81 million) will be in effect, for most of the seven products, through to the end of the year.

($1 = 1,320.9300 won)

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