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

South Korea plans to apply zero tariffs on LNG and LPG within quotas in 2026 to tackle inflation, with additional tariff reductions for agricultural products.

• South 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