Countervail is a legal term that refers to the act of opposing or offsetting the effects of something, typically in the context of a legal dispute or a trade dispute. It involves taking actions or measures to counterbalance or neutralize the impact of a particular action or event. Countervailing measures are often implemented by governments or organisations to protect their interests or to address unfair trade practices, such as subsidies or dumping, that may harm domestic industries. These measures can include imposing tariffs, quotas, or other trade restrictions on imported goods to level the playing field and prevent economic harm.
Answer: Countervail is a legal term that refers to the imposition of duties or tariffs on imported goods to offset the effects of subsidies provided by foreign governments to their domestic industries.
Answer: Countervailing duties can be imposed by the government of the importing country.
Answer: The purpose of countervailing duties is to level the playing field for domestic industries by neutralizing the unfair advantage that foreign subsidies provide to their competitors.
Answer: Countervailing duties are calculated based on the amount of subsidy provided by the foreign government to the domestic industry.
Answer: Yes, countervailing duties can be challenged by the affected parties through legal channels.
Answer: Countervailing duties are imposed to offset the effects of foreign subsidies, while anti-dumping duties are imposed to counteract the effects of dumping, which is the practice of selling goods in a foreign market at a lower price than in the domestic market.
Answer: Countervailing duties can be in effect for up to five years, after which they must be reviewed and renewed if necessary.
Answer: Yes, countervailing duties can be imposed retroactively for up to 90 days prior to the initiation of an investigation.
Answer: The WTO oversees the rules and procedures for countervailing duties and provides a forum for resolving disputes related to their imposition.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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