Tariffs
Bound Tariff
Maximum tariff rate a country committed not to exceed at the WTO, established in its schedule of concessions.
Maximum tariff rate a country committed not to exceed at the WTO, established in its schedule of concessions.
A bound tariff is the tariff ceiling a country commits to at the WTO. The applied tariff may be lower but must never exceed the bound rate.
MFN Tariff (Most Favored Nation)
The maximum tariff rate a WTO member country applies to imports from any other member, guaranteeing equal treatment without discrimination among trading partners.
TariffsMost Favored Nation
A WTO principle requiring that any trade advantage granted to one member country must automatically be extended to all other WTO members.
TariffsTariff Rate
The percentage or specific amount applied to the customs value of imported goods to calculate the general import tax.