Imported Beef, Chicken, and Other Essential Goods Subject to 0% Tariff Quota

President Yoon Suk-yeol is presiding over the Cabinet meeting held on the morning of the 19th at the Yongsan Presidential Office Building in Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Heo Kyung-jun] A 0% tariff quota will be applied to seven imported essential items, including beef and chicken.

The government decided this at the Cabinet meeting held on the morning of the 19th at the Yongsan Presidential Office building, presided over by President Yoon Seok-yeol.

Earlier, on the 8th, at the 1st Emergency Economic and Livelihood Meeting chaired by President Yoon, the government decided to apply a 0% tariff quota to these essential items as part of the "Livelihood Stabilization Measures to Alleviate High Inflation Burden."

A tariff quota is a system that temporarily lowers the tariff rate for a certain quantity of imported goods during a specific period, while applying a higher rate to quantities exceeding the quota. Lower tariffs result in lower import prices.

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