Bargaining tariff
Bargaining tariff: the name accorded in popular parlance to the United States tariff once it could be used to bargain down the tariffs of others following the adoption of the United States Reciprocal Trade Agreements Program in 1934. The tariff then in force was the Smoot- Hawley tariff which was unalterable except through congressional amendment. The term is now used more commonly to refer to the practice of keeping an obsolete tariff in the hope that it may be used to exact a tariff reduction from others. Sometimes it works, but it is a poor negotiating tool. See also autonomous tariff, conventional tariff, multi-column tariff and single-column tariff.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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