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Swiss formula
A formula devised during the Tokyo Round for reducing tariffs in a manner that would harmonise them. The formula is tnew=(toldM)/(told+M), where the t's are the new and old tariffs, in percent, and M is a number that turns out to be the maximum possible new tariff. Somebody, presumably Swiss, was very clever!
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- Part of Speech: noun
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- Industry/Domain: Economy
- Category: International economics
- Company: University of Michigan
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