High import taxes plus protectionist policies boost prices in Korea

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High import taxes plus protectionist policies boost prices in Korea


For years, the Korean government has protected its domestic market by charging high tariffs and taxes on imported goods. While made-in-Korea products were sold at discount prices overseas, locals paid higher prices in Korea. The disparities between the prices of the same imported goods sold in Korea and overseas are becoming smaller each year, though, as the government lowers import taxes.

 

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