FOREIGN TRADE - Chapter 5 Summary
Define the concept of tariff, functions of tariff, advantages and disadvantages of tariff, determination of tariff, tariff code, and tariff rate. Explain the GATT disciplines, disciplines on tariff classification, and the importance of “binding”. Express the effect of tariff on producers and consumers, the tariff as a government revenue, the net national loss from a tariff, tariff effect on small country, tariff effect on a large country and comprehend the optimal tariff. Identify the non-tariff restrictions and elaborate new protectionism.