Tariffs are essentially taxes imposed on imports on goods, which make them more expensive. There are different types of tariffs, also known as import duties:
- a) ad valorem duty
- b) specific duty
- c) compound duty (a combination of the above two)
- d) mixed duty
- e) variable duty – Minimum Import Price (MIP)
In certain cases, the exporters may agree with the investigative authority to not sell below a certain price. This is known as a price undertaking, and it avoids the need for a duty.
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