Meaning of “compound tariff” in the English Dictionary

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"compound tariff" in Business English

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compound tariffnoun [ C ]

uk us

COMMERCE, TAX a tax on imported goods that is a combination of a fixed amount and an amount based on the value of the goods:

Processed cherry products in the US were protected at the time by a compound tariff of 6.9 cents per kilogram plus 4.5% of the product price.

(Definition of “compound tariff” from the Cambridge Business English Dictionary © Cambridge University Press)