Home > Term: retaliation
retaliation
1. The use of an increased trade barrier in response to another country increasing its trade barrier, either as a way of undoing the adverse effects of the latter's action or of punishing it. 2. The formal procedure permitted under the GATT whereby a country may raise discriminatory tariffs above bound levels against a GATT member that has violated GATT rules and not provided compensation.
- Part of Speech: noun
- Industry/Domain: Economy
- Category: International economics
- Company: University of Michigan
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Creator
- Noroc
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