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TeachMeFinance.com - explain Levy Levy The term 'Levy ' as it applies to the area of agriculture can be defined as ' The USDA defines levy as an import charge assessed by a country or group of countries not in accordance with a definite tariff schedule. The 'variable import levy' of the European Community was an example. The EC’s levy on grains varied from day to day, depending on the offering price of third-country suppliers. In USDA’s view the variable import levy is a nontariff trade barrier because, unlike a moderate customs duty or even a quota, it can completely bar imports. The Uruguay Round Agreement on Agriculture resulted in the replacement of variable levies by fixed tariffs'. Previous 5 Terms: Levelized cost lever Leverage ratio leveret LEVP Next 5 Terms: LEWP lexicology lexigraphy LFC LFT 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.