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May 8, 2026

South Korea Exempts Tariffs on Extra Shipping Costs

The South Korean government announced it will waive tariffs on increased shipping expenses caused by vessel reroutes around the Hormuz Strait due to regional tensions. This measure aims to reduce costs for importers and stabilize consumer prices.
Why It Matters
This policy may help keep prices of imported goods lower for expats and tourists shopping in Korea.
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