Tariff Policy & Law Tariff Terms
Explore key tariff and trade terminology related to tariff policy & law. Our comprehensive definitions provide clarity for importers, exporters, and trade professionals.
Generalized System of Preferences (GSP)
A U.S. trade program designed to promote economic growth in developing countries by providing preferential duty-free entry for thousands of products.
Import Duty
A tax collected on imports by the customs authorities of a country.
Most Favored Nation (MFN) Status
A level of treatment accorded by one state to another in international trade, ensuring non-discriminatory trade advantages.
Preferential Tariff
A lower tariff rate applied to imports from certain countries, often under trade agreements.
Retaliatory Tariffs
Tariffs imposed by a country in response to tariffs levied against it.
Section 201 Safeguards
Temporary tariff protections for U.S. industries harmed by a surge in imports.
Section 232 Tariffs
Tariffs imposed to protect U.S. national security, notably used for steel and aluminum imports.
Section 301 Tariffs
Tariffs imposed by the U.S. in response to unfair trade practices by other countries, under Section 301 of the Trade Act of 1974.
Tariff Binding
A commitment made by a country not to increase a tariff above an agreed level.
Tariff Concession
A reduction in the usual rate of a tariff, often granted during trade negotiations.
Tariff Escalation
A situation where tariffs increase with the level of processing of products, discouraging the export of processed goods.
Trade Adjustment Assistance (TAA)
A federal program that provides aid to workers and firms negatively affected by imports.
Trade Promotion Authority (TPA)
A legislative procedure in which Congress grants the President the authority to negotiate international trade agreements.
WTO Bound Tariff
The maximum tariff rate a WTO member can impose on a product, agreed upon in international negotiations.
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