Swiss formula

Swiss formula

A formula devised during the Tokyo Round for reducing tariffs in a manner that would harmonise them. The formula is t_new=(t_oldM)/(t_old+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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Industry/Domain: Economy
Category: International economics
Company: University of Michigan
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