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Trade Barriers and Tariffs
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Ad Valorem Tariff
A tariff based on a percentage of the value of the imported goods.
Tariff
A tax imposed on imported goods and services, designed to raise the cost of imported products to protect domestic producers.
Local Content Requirement
A policy requiring that a certain percentage of a product must be made from domestically sourced components.
Anti-dumping Duty
Tariffs imposed by a country on foreign imports that it believes are priced below fair market value.
Embargo
A ban on trade with a particular country for political or economic reasons.
Specific Tariff
A fixed fee charged per unit of imported goods.
Standards
Regulations that goods must meet to be admitted into a country, often concerning health, safety, or environmental protection.
Import Quota
A restriction on the quantity or value of certain goods that can be imported into a country.
Compound Tariff
A combination of an ad valorem tariff and a specific tariff, charged on the same imported goods.
Voluntary Export Restraint (VER)
A self-imposed limitation by an exporting country on the volume of their exports to another country.
Countervailing Duties
Tariffs imposed to counter the negative effects of subsidies given by foreign governments to their exporters.
Trade-Related Investment Measures (TRIMs)
Regulations used by countries to control foreign investment and influence the balance of trade.
Customs and Administrative Entry Procedures
Complex customs procedures required for importing goods, which can act as barriers due to delays and added costs.
Sanctions
Restrictions or penalties applied by one country onto another to achieve foreign policy or economic objectives.
Non-Tariff Barrier (NTB)
Measures other than tariffs that restrict imports, such as quotas, embargoes, and standards.
Subsidy
A government payment to a domestic producer to lower their costs and make them more competitive against foreign imports.
Import Licensing
A procedure requiring governmental approval before a product can be imported, often used to control the volume of imports.
Currency Manipulation
A deliberate attempt by a country to influence the exchange rate of its currency to gain an unfair competitive advantage in trade.
Global Quota
A limit on the total amount of certain goods that may be imported into a country from all foreign sources.
Protectionism
The economic policy of restraining trade between nations, through methods such as tariffs on imported goods and restrictive quotas.
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