South Korean President Yoon Suk-Yeol announced that tariffs would be suspended for 100,000 tonnes of imported beef from July 20 until the end of 2022.

MLA noted that, as the U.S. currently faces lower tariff rates than Australia, this presents a significant opportunity for Australia exporters, especially given that South Korea was the country’s second-largest beef export destination in 2021, growing by 5% year-on-year.

Australia’s current tariff rate for exports to South Korea is 16%, while the U.S. holds a 10.6% rate. However, other exporters included the Mercosur trade block in South America, face a 40% tariff.

The move from South Korea comes as part of efforts to combat rising inflation, which is currently at 6% in South Korea while the Won trends down against the US$.