Gov't to exempt tariffs on increased shipping costs for Hormuz reroutes

The South Korean government will exempt additional shipping costs from tariffs on imports rerouted due to the closure of the Strait of Hormuz. This measure aims to alleviate supply chain disruptions caused by the U.S.-Israeli strikes on Iran, which effectively closed the key Middle Eastern shipping route. The exemption covers not only standard freight charges but also demurrage fees and transportation insurance premiums.