my country lowers tariffs on some products, benefiting Korean clothing industry

According to a report by Chosun Ilbo on May 26, China’s Ministry of Finance recently announced that it will reduce import tariffs on some products such as cosmetics and clothing to below the current 50% starting from June. Among them, the import tariff on Korean cosmetics will be reduced from 5% to 2%, the import tariff on clothing such as suits and furs will be reduced from 14-23% to 7-10%, and the import tariff on footwear such as sports shoes and leather boots will be reduced from 14-23% to 7-10%. 22-24% dropped to 12%, and the tariff on diapers dropped from 7.5% to 2%. The Korean industry is full of expectations for China’s reduction in import tariffs, believing that the reduction in tariffs will have immediate effects.