Korea will exempt additional shipping costs from tariffs on imports rerouted due to the closure of the Strait of Hormuz, the finance ministry said Friday. The measure is part of a broader set of regulatory improvements aimed at easing supply chain disruptions as the key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February. Under the plan, domestic companies using alternative routes or transport methods to bypass the Strait of Hormuz will be allowed to exclude the increase in freight costs from tariffs, the Ministry of Finance and Economy said. The government plans to revise the enforcement decree of the Customs Act and apply the measure retroactively to imports that have already faced sharp increases in shipping costs. The government will also shorten the quality inspection period of garbage bags from the current 10 days to within one day amid supply instability, the ministry said. The ministry noted a growing concern that people are hoarding standard plastic garbage bags following a sharp rise in polyethylene prices, a key material
