Tariff Concessions

Tariff concessions are agreements between countries to reduce or eliminate tariffs—taxes on imported goods—to promote trade. They involve mutually agreed-upon reductions, making imported products cheaper and encouraging economic exchange. These concessions are often part of international trade negotiations or agreements, aiming to create fairer competition and stimulate economic growth across member nations. Essentially, they help make global trade smoother by balancing tariffs to benefit both exporters and consumers.