Definition
from Forbes
Import tariffs refer to the system of duties applied to goods and services from foreign countries. It may be a single rate of duty for each item applicable to all countries or groups of countries, or multiple rates for different countries or groups of countries.
A common market is a group of countries that have harmonized tariff policies among members, established common tariffs for nonmembers, and permit the free flow of factors of production among members.
A customs union is a market that is created when countries agree to eliminate trade and tariff barriers among the participating countries and impose uniform tariffs on nonmember countries. The customs union is an important element in a broader framework of economic integration.
Variable import levies are the import charges levied when the prices of imported products would undercut those of domestic products. The effect of these levies would be to raise the price of imported products to the domestic level.
See Also
References
- American Marketing Association, AMA Dictionary.