Government to Temporarily Cut Tariffs on Chicken and Pork... Stricter Crackdown on Hoarding

Hyungil Lee, First Vice Minister of the Ministry of Economy and Finance, is giving a joint briefing with related government departments on regulatory improvement plans to relieve supply chain bottlenecks for emergency economic response at the Government Seoul Building in Jongno-gu, Seoul on April 3, 2026. Photo by Yongjun Cho

On May 14, the government announced that it will implement emergency quota tariffs for 30,000 tons of chicken and 12,000 tons of pork as part of measures to stabilize the prices of essential goods directly affecting people's livelihoods.

The Ministry of Finance and Economy made this announcement during a joint meeting of the "Middle East War Price Response Team and Price-Related Vice Ministerial Meeting" held at the Government Seoul Building on the morning of the same day, chaired by Lee Hyung-il, First Vice Minister of Finance and Economy. The meeting was attended by the Ministry of Justice, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Oceans and Fisheries, the Fair Trade Commission, the Ministry of Food and Drug Safety, the Ministry of Data and Statistics, the Korea Customs Service, and the National Police Agency.

Vice Minister Lee stated, "Thanks to the active cooperation of the people and policy efforts, inflation in Korea has shown a lower rate of increase compared to major countries. However, there remains upward pressure on prices due to ongoing uncertainty from the Middle East war and the base effect." He asked all relevant ministries to work together and make every effort to stabilize prices by item.

In response, the government plans to provide a total of 2.2 billion won in discount support for items directly linked to people's livelihoods, including agricultural, livestock, and fisheries products, during May and June.

For four popular fish species—mackerel, squid, hairtail, and pollack—the government also plans to release 8,000 tons from its reserves this month. In particular, for pork, the supply to wholesale markets will be expanded starting this month, and, in addition to the current imports of fresh eggs (2.24 million from Thailand and 2.24 million from the U.S.), the introduction of additional fresh eggs from the U.S. or Thailand is also under consideration.

Additionally, the government will implement emergency quota tariffs on 30,000 tons of chicken until the end of July and on 12,000 tons of pork until the end of this year.

For petroleum products subject to maximum price regulations, efforts to stabilize gas station prices will continue through initiatives such as designating "good gas stations" led by civic groups.

Vice Minister Lee emphasized, "To stabilize prices for essential goods, unfair practices such as hoarding and cornering the market must be eradicated, and effective sanctions are necessary to achieve this." He added, "We will swiftly push for amendments to the Price Stabilization Act, including measures to enhance the effectiveness of the confiscation system, the introduction of whistleblower rewards, and the establishment of penalties for unjust gains."

This content was produced with the assistance of AI translation services.