MFN Tariff

A tariff applied to a country with most favored nation status. An MFN tariff is the lowest possible tariff a country can assess on another country. For example, if a country's lowest tariff is 2% of the value of a good, this is its MFN tariff, and it charges this percentage on an import from a country with most favored nation status. Members of the World Trade Organization are required to extend most favored nation status to other members, though exceptions exist. In the United States, most favored nation status is formally called permanent normal trade relations.

References in periodicals archive ?

In terms of MFN tariff rates, the average in the Philippines is 6.3 percent as of 2017, while the Apec average was at 5.3 percent.

'PHL must hasten efforts to hit Apec trade goals'

NIRC director Aodhan Connolly said: "We have crunched the numbers for what an MFN tariff arrangement could mean for the price of a handful of staple foods for shoppers across Northern Ireland and Great Britain.

Shopping bills may rise if Brexit deal not agreed; MIRRORBIZ NI; All the latest news from Northern; Warning on 3% jump

The opposite will happen to purchases from the EU: the decline in demand will slightly lower their supply price, so that the net effect is to increase their 'landed' price in the UK by a little less than the newly imposed MFN tariff. We model this, but there is one supply price effect that we cannot currently model.

WILL BREXIT RAISE THE COST OF LIVING?

In addition as was the case between Japan and Thailand when a temporary reversal meant that the FTA preferential tariff was actually higher than the MFN tariff utilizing an FTA can sometimes actually be detrimental so companies must also be careful to make comparisons against MFN tariffs.

Policy Issues Regarding the Promotion of FTA Utilization in Japan

61, in October 2011, he laid down the country's MFN tariff structure for 2011-2015.

Lower import duties seen to boost PH output

15% Margin of Preference (MoP) over the MFN tariff.

Indonesia, Pakistan to operate "Preferential Trade Agreement"

It provides an access to an online database of current MFN Tariff, Preferential Tariff of top 25 destinations with which India has entered into regional or bilateral agreements or variants of them, Rules of Origin ("Ro0"), Sanitary and Phytosanitary Measures ("SPS") and Technical Barriers to Trade ("TBT") requirements of various products that an Indian trader requires for ensuring successful trade transactions.

Commerce Secretary inaugurates India's trade portal

Then again, when I discovered that the European Union which started the pandemic while the United States had grossly aggravated it, had its MFN tariff applicable to only six countries today--Australia, New Zealand, Canada, Japan, Taiwan, and the United States--with all other nations enjoying more favorable tariffs, I asked Pascal Lamy, who was then the EU Trade Commissioner, "Why not call it then the LFN (the Least-Favored-Nation) tariff?" In short, we now have once again a world marred by discriminatory trade, much as we had in the 1930s from which all sensible men and women had recoiled.

Revisiting the 1930s: a pandemic of preferential trade agreements is undermining free trade

imports from developing countries entered duty free under other preferential tariff programs, such as the Caribbean Basin Initiative, the Andean Trade Preference Act, and the African Growth and Opportunity Act, or because the MFN tariff rate is zero.

Generalized System of Preferences

The United States also applies a wide system of combined MFN tariff quota rates in this area particularly with additional safeguard duties.

Non-agricultural market access: a South Asian perspective

Meanwhile, products with current applied MFN tariff rates between 5% and 15% would have to lowered to a rate of 5% by Jan.