Common Customs Tariff

A common customs tariff is a standardized set of taxes or duties applied to goods imported from other countries within a specific trade agreement or region, such as the European Union. It ensures that items entering member countries are taxed at consistent rates, simplifying international trade by reducing price differences and preventing unfair advantages. Essentially, it creates a uniform system for taxing imports, making it easier for businesses to understand and plan for costs across the entire region.