Business / Agriculture / Tariff Rate Quota: A trade policy tool used to protect a domestically-produced commodity or product from competitive imports. A tariff rate quota (TRQ) combines two policy instruments that nations historically have used to restrict such imports: quotas and tariffs. In a TRQ, the quota component works together with a specified tariff level to provide the desired degree of import protection. Imports entering during a specific time period under the quota portion of a TRQ are usually subject to a lower, or sometimes a zero, tariff rate. Imports above the quota’s quantitative threshold face a much higher (usually prohibitive) tariff. Currently, trqs apply to U.S. imports of certain dairy products, beef, cotton, peanuts, sugar, certain sugar-containing products, and tobacco.
Quota Noun Synonyms: apportionment, portion, allotment, allocation, allowance, ration, share, part, proportion, percentage, equity, interest, cut
Rate Verb Synonyms: measure, pace, gait, speed, velocity, clip
Rate Noun Synonyms: rank, grade, class, classify, evaluate, estimate, calculate, compute, count, reckon, judge, gauge, assess, appraise, measure
Tariff Verb Synonyms: tax, assessment, duty, excise, levy, impost, toll, rate
Tariff Adjective Synonyms: schedule (of charges), price-list, bill of fare, menu
Business / Agriculture / Tariff Schedule: A list or schedule of duties imposed in the conduct of international trade. The Harmonized Tariff Schedules of the United States (HTSUS) lists the items on which the United States levies a duty (or ta MORE