(March 20, 2008) – In a shocking move today, the South Korean government broke step with almost every other government in the world, including ours, and decided to move away from protectionism by reducing tariffs. You can read the story by clicking here.
Starting April 1, President Lee Myung-bak’s government will reduce import tariffs on about 70 grains and raw materials, including wheat, corn, soybean cake and coffee cream, while cutting tariffs on 18 other items.
When asked about the move, Senator Schumer responded, “It’s sad, really. These guys obviously don’t understand how the political game is played.”
In separate news, Korea today reported its GDP increased 5% in the last year.