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About: Variable import levy     Goto   Sponge   NotDistinct   Permalink

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A variable import levy is a levy 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 prices, and are imposed to defend administered prices set above world market prices. Under the Uruguay Round Agreement on Agriculture, the variable levies of the EU have been converted into fixed tariffs or tariff-rate quotas.