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Tariff escalation
Higher import duties on semi-processed products than on raw materials, and higher still on finished products. This practise protects domestic processing industries and discourages the development of processing activity in the countries where raw materials originate.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: International trade
- Organization: WTO
- Product:
- Acronym-Abbreviation:
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