ITA II — Negotiations aimed at expanding ITA's product coverage.
nuisance tariff — Tariff so low that it costs the government more to collect it than the revenue it generates.
schedule of concessions — List of bound tariff rates.
tariff binding — Commitment not to increase a rate of duty beyond an agreed level. Once a rate of duty is bound, it may not be raised without compensating the affected parties.
tariff escalation — Higher import duties on semi-processed products than on raw materials, and higher still on finished products. This practice protects domestic processing industries and discourages the development of processing activity in the countries where raw materials originate.
tariff peaks — Relatively high tariffs, usually on “sensitive” products, amidst generally low tariff levels. For industrialized countries, tariffs of 15% and above are generally recognized as “tariff peaks”.