International trade

International trade

The buying and selling of goods, services and capital across international borders or territories.

Industry: Economy

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International trade

Tariffs

Economy; International trade

Customs duties on merchandise imports. Levied either on an ad valorem basis (percentage of value) or on a specific basis (e.g. $7 per 100 kgs.). Tariffs give price advantage to similar ...

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 ...

Technical barriers to trade (TBT)

Economy; International trade

Regulations, standards, testing and certification procedures, which could obstruct trade. The WTO's TBT Agreement aims to ensure that these do not create unnecessary obstacles.

Tiered formula

Economy; International trade

A formula where higher tariffs have steeper cuts than lower tariffs - products with higher tariffs are put in a higher category or tier, which has a steeper cut than lower tiers. Also used for ...

Tariff line

Economy; International trade

A product as defined in lists of tariff rates. Products can be sub-divided, the level of detail reflected in the number of digits in the harmonised System (HS) code use to identify the product.

Tariff peaks

Economy; International trade

Relatively high tariffs, usually on sensitive products, amidst generally low tariff levels. For industrialised countries, tariffs of 15% and above are generally recognised as tariff peaks.