Sejong, South Korea, July 8 (Yonhap News Agency) -- The South Korean government held its first emergency economic and livelihood meeting on 8, July and announced measures to stabilize people's livelihood by easing the burden of high consumer prices.  According to the plan, the government will temporarily cut tariffs on seven daily necessities to zero.  
   
Starting this month, tariffs on beef, pork, chicken, milk powder, coffee beans, shallot and alcohol will be reduced to zero.  Among them, beef up to 100,000 tons shall apply zero tariff.  Currently, the tariff rate on beef is 40 percent, beef from the U.S. and Australia is applied to the tarif of 10.6 % and 16 % respectively under the Free Trade Agreement (FTA) with Korea.  Chicken up to 82,500 tons shall apply zero tariff.  Chicken imports are mainly from Brazil and Thailand, and the tariff rate is from 20 to 30 %.  Pork up to Twenty thousand tons of will be imported at zero duty.  
 
Recently, the soaring prices have added to the burden of ordinary people.  Prices rose by 6% in June, the highest in 24 years.  The government announced three measures to stabilize prices between March and May this year, and imposed emergency tariff quotas on 26 items including cooking oil and pork.  The resulting tax subsidy amounts to 320.9 billion won ($246,180,000 or1.65 billion yuan).  The time of implementation of the measures will also be advanced. The measures are expected to be officially implemented on May 20 after deliberation at a Cabinet meeting.  

https://cn.yna.co.kr/view/ACK20220708003300881?section=economy/index
   
At the same time, the government will accelerate the expansion of agricultural and sideline products supply, reduce production costs and increase market circulation to promote price stability.  Specifically, the government will provide subsidies to pig and cattle slaughterers to reduce slaughtering costs and subsidize the purchase of feed;  Open the granaries and put potatoes, garlic, onions and other items stored by the government on the market.