tariff reduction
Lowering import taxes
Tariff reduction is the lowering of taxes on imported goods, typically negotiated between trading partners or implemented unilaterally to stimulate trade.
Countries pursue tariff reductions through bilateral agreements or multilateral frameworks like the World Trade Organization: The treaty included significant tariff reductions on agricultural products.
The goal is usually to lower consumer prices and increase market access.
- open marketsUnrestricted commercial exchanges
- level playing fieldEqual competitive conditions
- most favored nationBest available trade terms
- free tradeUnrestricted international exchange
- trade warRetaliatory economic hostilities
import tax · lowering · customs union · globalization · concession · NAFTA · export duty · consumer prices · price drop · WTO · economic integration · bilateral treaty · deregulation · trade agreements · duty · embargo · subsidy · free trade agreement
tariff reductionprotectionism
Shielding local producers
trade barriers · trade restrictions · economic nationalism · mercantilism · autarky