Across the Board Tariff Reduction

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Across the Board Tariff Reduction

The unilateral decision by a country to reduce the tariffs it imposes on its imports. Tariffs are considered economically inefficient because they make imports less competitive than domestically produced goods, which can result in more expensive products for consumers. Across the board tariff reductions help prevent this; they also may be intended to encourage the country's trade partners to do the same and make the country's exports more competitive abroad. Opponents of across the board tariff reductions, however, argue that the increased competition can drive domestic companies out of business, eliminating jobs.
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Beyond across-the-board tariff reductions, policymakers will also need to designate sensitive and excluded products in a way that promotes regional value chains, including in agro-processing, chemicals, and automobiles, as well as in the services/logistics inputs that constitute up to 60 per cent of the value of final products.