Peak tariffs
Peak tariffs: if the tariff rates contained in a typical national tariff schedule were represented chapter by chapter as a continuous line in a graph, the result probably would be something like a series of plateaus interspersed with sudden peaks. Each peak would mean that that product, or group of products, is benefiting from higher protection than the products expressed by plateaus. Peak tariff rates are to a large extent a relative concept, though during the Uruguay Round they were defined for negotiating purposes as above 15%. A rate of 10% in a schedule averaging 4%, as many of the developed-country rates for industrial products are as a result of the Uruguay Round, would represent a peak just as a rate of 40% would in the environment of rates around 20%. The presence of pronounced peak tariff rates may show only one aspect of the protection available to domestic producers. There are cases where their absence is masked by a range of non-tariff measures with the same or a greater impact. See also sensitive products.
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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