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Why Does the Tariff System Vary from Country to Country

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Why does the tariff system vary from country to country? Explain,giving examples of tariffs imposed by the United States with particular emphasis on preferential tariffs.What are the conditions under which GATT allows the use of preferential tariffs?


Definitions:

Penalty Kick

A penalty kick in economics might refer metaphorically to an opportunity to score or gain significantly with little opposition, though it's primarily a sports term.

Probability of Success

A quantitative measure expressing the likelihood of achieving a specified outcome or reaching a goal.

Probability of Failure

The likelihood that a system or component will fail to perform its intended function within a specified period.

Payoff Matrix

A table that displays the potential outcomes or payoffs resulting from different strategies chosen by players in a strategic game or decision-making scenario.

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