S. Korea to cut tariff rates on 90 products in 2022

In a separate report, South Korea’s consumer sentiment index dropped for the first time in four months in December due to concerns over the resurgence of the coronavirus, central bank data showed yesterday.

SEOUL: South Korea will lower tariff rates on a total of 90 products next year to strengthen competitiveness of small businesses and stabilise prices of key materials, the finance ministry says, Yonhap reports.

The number is higher than the 83 items subject to temporary tariff cuts under a tariff quota system this year, the news agency said, citing the ministry.