S Korea to Extend Tax Reduction on 35 Imports

South Korea will extend tax reduction on 35 imports such as pork and garlic in an effort to ease potential price hikes, the finance ministry said.

A six-month extension will be imposed on 35 import items out of 46 goods whose temporary tariff reduction will expire at the end of June, the Ministry of Strategy and Finance said in a statement. Those imports include pork, garlic, mackerel, wheat, soybean oil, sugar, coffee and tire.

Meanwhile, 14 more items will be added to the list of imports subject to lower tariff by year-end, according to the ministry. They include breeding pigs, silicon and manganese.

A total of 111 import items will be subject to lower or zero tariffs by the end of this year, the ministry said.