South Korea: S. Korea to expand tariff quota on powdered milk, pork belly.

Section: Business News - South Korea will expand the amount of powdered milk and frozen pork belly subject to no import taxes as part of efforts to ease price hikes sparked by the massive slaughter of livestock amid the spreading foot-and-mouth disease, the finance ministry said Monday.

The measure, finalized during a Cabinet meeting held earlier in the day, will go into effect from early March under the government's quota tariff system, according to the Ministry of Strategy and Finance.

A tariff quota is a quantitative threshold on imports, above which a higher tariff is applied. The lower tariff rate applies to imports within the quota, allowing policymakers to …