free trade
pattern of imports and exports that occurs in the absence of trade barriers
subsidy
financial assistance to domestic producers in the form of cash payments, low-interest loans, tax breaks, product price supports, or other forms
foreign trade zones
designated geographic region through which merchandise is allowed to pass with lower customs duties and/or fewer customs procedures
tariff
government tax levied on a product as it enters or leaves a country
ad valorem tariff
tariff levied as a percentage of the stated price of an imported product
specific tariff
tariff levied as a specific fee for each unit of an imported product
compound tariff
tariff levied on an imported product and calculated partly as a percentage of its stated price and partly as a specific fee for each unit
quota
restriction on the amount of good that can enter or leave a country during a certain period of time
voluntary export restraint
unique version of export quota that a nation imposes on it exports, usually at the request of an importing nation
tariff-quota
lower tariff rate for a certain quantity of imports and a higher rate for quantities that exceed the quota
embargo
complete ban on trade in one or more products with a particular country
administrative delays
regulatory controls or bureaucratic rules designed to impair the flow of imports into a country
currency controls
restrictions on the convertibility of a currency into other currencies
normal trade relations
requirement that WTO members extend the same favorable terms of trade to all members that they extend to any single member
dumping
exporting a product at a price either lower than the price that the product normally commands in its domestic market or lower than the cost of production
anti-dumping duty
additional tariff placed on an imported product that a nation believes is being dumped on its market
countervailing duty
additional tariff placed on an imported product that a nation believes is receiving an unfair subsidy