Economy, Domestic Economy
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Import Tariffs Doubled on S. Korea Home Appliances

Import Tariffs Doubled on S. Korea Home AppliancesImport Tariffs Doubled on S. Korea Home Appliances

The import tariffs on South Korean home appliances have increased from 40% to 80%, said deputy minister of industries, mining and trade Valliolah Afkhami Rad. “LG and Samsung rejected the offer for investment and co-production of their home appliances in Iran, and since we are no longer interested in purchasing finished goods, we have doubled the import tariffs on their home appliances,” he was quoted by Mehr News Agency as saying. The official added that Seoul’s recent trade policies have significantly diminished the two countries’ trade relations and that South Korea has lost its foothold in the Iranian market. “Koreans will be missing a considerable trade opportunity if such policies continue,” he said without elaboration.

 

Financialtribune.com