Korea to cut tariff rates on 79 products in 2019

The Cabinet on Monday approved a plan to lower tariff rates on 79 products next year to bolster South Korea’s industrial competitiveness and stabilize domestic goods prices.

The products covered by a tariff quota include crude oil, liquefied natural gas and cobalt sulfate, a key ingredient in making batteries for electric vehicles, according to the Ministry of Economy and Finance.

Under the quota tariff, which is set to take effect between Jan. 1 and Dec. 31 next year, tariff rates on cobalt sulfate are set to be lowered to zero percent from 5 percent, while tariff rates on crude oil designed to make naphtha are set to be lowered to 0.5 percent from 3 percent.

Meanwhile, the government said it will impose higher tariff rates on 14 products, including steamed rice, frozen pollock and hot pepper pastes next year, by taking into account the difference between domestic and foreign prices of agricultural and fishery goods. (Yonhap)