Tariff
In contrast, in economic theory tariffs are viewed as a primary element in international trade with the function of the tariff being to influence the flow of trade by lowering or raising the price of targeted goods to create what amounts to an artificial competitive advantage. When tariffs are viewed and used in this fashion, they are addressing the country's and the competitors' respective economic healths in terms of maximizing or minimizing revenue flow rather than in terms of the ability to generate and maintain a competitive advantage which is the source of the revenue. As a result, the impact of the tariffs on the economic health of the country are at best minimal but often are counter-productive.
Schedules of concessions
Schedules of concessions are documents in which the specific commitments are listed. World Trade Organization (WTO) negotiations produce general rules that apply to all members, and specific commitments made by individual member governments. For trade in goods in general, these consist of maximum tariff levels. For agriculture they also include tariff quotas, limits on export subsidies, and some kinds of domestic support. The goods schedules are annexed to the General Agreement on Tariffs and Trade (GATT) and are “bound” (GATT Article II).