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TeachMeFinance.com - explain Bound tariff rate Bound tariff rate The term 'Bound tariff rate ' as it applies to the area of agriculture can be defined as ' The most-favored-nation tariff rate resulting from negotiations under the General Agreement on Tariffs and Trade (GATT) and incorporated as an integral component of a country’s schedule of concessions or commitments to other WTO members. If a GATT contracting party raises a tariff to a higher level than its bound rate, the country or countries adversely affected have the right under GATT to retaliate against an equivalent value of the offending country’s exports or to receive compensation, usually in the form of reduced tariffs on other products they export to the offending country'. Previous 5 Terms: bottom boundary layer Bottom-hole contribution Bottoming cycle boulder Boulder clay Next 5 Terms: Boundary Layer Bounded Weak Echo Region (BWER) BOVC boviform bovine About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.