TAFTA: Trans-Atlantic Free Trade Agreement. A proposal for a free-trade area between the United States and the European Community. It is not on a formal negotiating agenda. See also New Transatlantic Agenda.

Tailor-made tariffs: see made-to-measure tariffs.

Takeover principle: another name for the absorption principle or “roll-up” principle. This principle permits the use of non-originating materials that have acquired origin through processing to retain that status when they are used in a further transformation. See also rules of origin and preferential rules of origin.

Taking of property: see expropriation.

Targeted dumping: dumping concentrated in sales to certain regions, customers, or time periods. See also anti-dumping measures. [WTO WT/DS219/AB/R]

Targeting: see picking winners and strategic trade theory. In United States trade law, targeting by others may give rise to an action under Section 301.

TARIC: Tariff Intégré de la Communauté. See Integrated Tariff of the European Community.

Tariff: a customs duty on merchandise imports. Levied either as an ad valorem tariff (percentage of value) or as a specific tariff (e.g. $7 per 100kg). Less often, a compound tariff made up of both of these elements applies. Tariffs give a price advantage to similar locally-produced goods and raise revenues for the government. Tariffs are mostly levied on imports, but there are cases of export tariffs. For economists, a tariff is the equivalent of the imposition concurrently of a consumption tax and a production subsidy.