Dumping: Exporting or importing merchandise into a
country below the costs incurred in production and
shipment.
Duty: A tax imposed on imports by the customs authority
of a country. Duties are generally based on the value of the
goods (ad valorem duties), some other factor such as weight
or quantity (specified duties), or a combination of value
and other factors (compounded duties).
Embargo: A prohibition on imports or exports as a result
of a political eventuality.
European Community (EC): The 12 nations of Europe
that have combined to form the world’s largest single
market of more than 320 million consumers. The EC in-
cludes Belgium, Denmark, France, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Portugal, Spain, the United
Kingdom, and West Germany. ...