Korea to apply zero tariffs on LNG, LPG under quota scheme to tackle inflation (opens original article in a new tab)

Korea plans to apply zero tariffs on LNG and LPG within quotas in 2026 to tackle inflation, with additional tariff reductions for agricultural products and existing fruit tariffs extended until mid-August.

• Korea plans to apply zero tariffs on LNG and LPG within quotas in 2026 to tackle inflation
• Tariff rates on LNG, LPG, and crude oil will be lowered to zero in the second half of 2026
• The government will extend the tariff-rate quota system to nine agricultural products by year-end
• Tariff cuts on bananas, pineapples, and mangoes will remain until mid-August