MFN Tariff

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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 ?
However, most of the textile products, including almost all the products of export interest to Pakistan, and a large number of leather products are excluded from the GSP, which means that the excluded products are subject to relatively high MFN tariffs.
Correct there is no legal requirement under No Deal for the EU to impose tariffs on UK - but in so doing the EU would have to reduce all MFN tariffs to zero.
With that possibility in the future, the local petrochemical industry also asked the Commission if there is an assurance that the lowered MFN tariffs be reverted back to 10 percent once a local company starts to manufacture LDPE.
trade does not take place under NAFTA arrangements, relying instead on MFN tariffs, although this includes 80% of dutiable imports by Canada from the U.S.
The Australian side acknowledged that Pakistani goods are facing higher tariffs but explained that they were in the process of phasing out their MFN tariffs, however they agreed to consider Pakistan's proposal of creating a level playing field either through a formal arrangement or may be through change of category in the Developing Country tariffs of the Australian System of Tariff Preferences.
Acknowledging Pakistan's concerns, the Australian authorities said they were phasing out their MFN tariffs. However, they agreed to consider Pakistan's proposal of creating a level playing field either through a formal arrangement or maybe through change of category in the Developing Country tariffs of the Australian System of Tariff Preferences.
As noted in the introduction, a 'MFN Brexit' in which the UK imposes MFN tariffs on imports from the EU and manages rather little co-operation on other aspects of trade remains a possibility even if not an objective.
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.
Products from the United States and the European Union-two of the Philippines' biggest trading partners with whom Manila has yet to sign an FTA-are covered by MFN tariffs.
I shall conclude on a cautious note that the reduction of MFN tariffs, after successive rounds of multilateral trade negotiations, has diminished the value of the GSP concessions.
The EU imposes MFN tariffs of 7.5 to 22% on fish, with rates varying according to species and type of processing.
It is notable that two-thirds of goods attracting MFN tariffs in excess of 15% were not granted preferences under any PTA.