Business / Agriculture / Levy: The USDA defines levy as an import charge assessed by a country or group of countries not in accordance with a definite tariff schedule. The 'variable import levy' of the European Community was an example. The EC’s levy on grains varied from day to day, depending on the offering price of third-country suppliers. In USDA’s view the variable import levy is a nontariff trade barrier because, unlike a moderate customs duty or even a quota, it can completely bar imports. The Uruguay Round Agreement on Agriculture resulted in the replacement of variable levies by fixed tariffs.
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Business / Agriculture / Variable Import Levy: A charge levied on imports that raises their price to a level at least as high as the domestic price. Such levies are adjusted frequently (hence 'variable') in response to changes in world market pric MORE