Tariff rate, applied, weighted mean, all products (%)

The applied weighted mean tariff rates for the selected countries vary between 1.1% and 4.07%. Countries like Albania, Italy, and Sweden maintain lower tariff rates around 1.1-1.48%, promoting international trade and attracting foreign investment. On the other hand, Russia has a significantly higher tariff rate of 4.07%, potentially limiting imports and increasing costs for consumers. Lower tariffs can boost economic growth by facilitating trade and enhancing competitiveness, but they may also pose challenges in protecting domestic industries. Higher tariffs can protect domestic producers but may lead to retaliatory measures and reduced global market access. Each country's choice of tariff rate reflects its strategic trade policies and can impact its economic development and international relations.

Australia has a relatively low weighted mean applied tariff rate of 0.71%, indicating a more open trade policy. Brunei boasts the lowest rate at 0.02%, signaling a high degree of trade liberalization. On the other hand, countries like Cambodia and Korea, Republic of have higher rates at 6.21% and 5.48% respectively, potentially protecting domestic industries but also limiting international trade partnerships. Indonesia and Malaysia fall in between with rates of 2.04% and 3.6% respectively. This statistic influences each country's development by affecting the cost of imports and level of competition in domestic markets. Lower tariffs can attract foreign investment but may harm local producers, while higher tariffs can shelter domestic industries but might lead to inefficiencies and restricted consumer choices.

Brunei has the lowest applied tariff rate at 0.02%, followed closely by Singapore at 0.05%, suggesting a very open trade policy. Cambodia, Indonesia, Malaysia, the Philippines, and Vietnam have higher tariff rates ranging from 1.34% to 6.21%, indicating a more protective stance on imports. Laos falls in the middle with a 0.97% rate. Brunei and Singapore benefit from lower costs of imports, fostering economic growth and attracting foreign investment. However, they might face challenges in protecting domestic industries. On the other hand, countries with higher tariff rates may shield their industries but risk reduced international competitiveness and higher consumer prices, potentially hindering overall economic development.

The applied weighted mean tariff rates for selected countries vary significantly, with Venezuela having the highest rate at 14.06% and Chile the lowest at 0.43%. High tariffs, like Venezuela's, can protect domestic industries but may hinder international trade and foreign investment, potentially leading to economic isolation. In contrast, low tariffs, such as Chile's, promote trade openness and encourage foreign investment, boosting economic growth. Countries like Brazil and Argentina fall in the middle range, balancing protectionism with international trade. The tariff rate can impact a country's development by influencing trade competitiveness, investment attractiveness, and overall economic growth.

The weighted mean applied tariff rates vary among the selected countries, with Iran having the highest rate at 12.09% and Georgia the lowest at 0.21%. These rates reflect each country's trade policies and relationships with other nations. Countries with lower tariffs like Georgia and Cyprus may attract more foreign investment and foster greater international trade, enhancing their economic growth. However, higher tariffs, as seen in Iran and Algeria, can protect domestic industries but may also limit access to foreign goods and technologies. Ultimately, the impact of this statistic on each country's development will depend on how effectively they balance protectionism with the benefits of globalization and trade liberalization.

Among the selected countries, Australia has the lowest weighted mean applied tariff rate at 0.71%, indicating a relatively open trade policy, which can attract foreign investment and promote economic growth. Meanwhile, Brazil has the highest tariff rate at 8.41%, which may protect domestic industries but could also lead to inefficiencies and higher prices for consumers. Canada, New Zealand, and the United Kingdom also have relatively low tariff rates, fostering trade relationships. In contrast, India and China have higher tariff rates, potentially hindering international trade and affecting their competitiveness. The impact of this statistic on each country's development varies, with lower tariffs promoting global integration and higher tariffs affecting trade dynamics and economic efficiency.

For the Tariff rate, applied, weighted mean, all products (%) statistic, the Russian Federation has a rate of 4.07% while Ukraine has a rate of 1.67%. The Russian Federation's higher rate indicates a relatively higher level of protectionism through tariffs compared to Ukraine. This could potentially shield domestic industries but may also lead to higher consumer prices and limited foreign competition. On the other hand, Ukraine's lower rate suggests a more open trade policy, encouraging international trade and potentially boosting economic growth. However, it may also make domestic industries more vulnerable to foreign competition. The impact of this statistic on the countries' development lies in the balance between protecting domestic industries and fostering international trade relations, with each approach carrying its own set of advantages and disadvantages.

France has a weighted mean applied tariff rate of 1.48% on all products, while the United Kingdom applies a slightly lower rate of 1.28%. France's higher tariff indicates a stronger protectionist stance to shield domestic industries, potentially impacting international trade relations. On the other hand, the United Kingdom's lower tariff signifies a relatively more open trade policy, fostering greater global economic integration. France's advantage lies in protecting domestic industries, but this could lead to retaliatory tariffs disadvantaging its exporters. In contrast, the United Kingdom benefits from increased foreign investment and access to a wider variety of goods, but may face challenges protecting vulnerable sectors. This statistic's impact on development varies, with France promoting self-sufficiency but risking trade disputes, while the United Kingdom prioritizes global engagement but faces potential import dependency.

On the macroeconomic statistic of Weighted Mean Applied Tariff Rate for all products, Iran has a rate of 12.09% while Saudi Arabia has a rate of 4.23%. This indicates that Iran imposes higher average tariffs on incoming goods compared to Saudi Arabia. Iran's higher tariff rate may serve to protect domestic industries, but it could also hinder foreign investment and limit access to international markets. On the other hand, Saudi Arabia's lower tariff rate may attract more foreign investments and promote trade relationships, but it might expose local industries to tougher competition. The impact of these tariff rates on development varies; Iran may prioritize self-sufficiency and industrial growth, while Saudi Arabia may focus on fostering international trade and economic diversification.

India has a weighted mean applied tariff rate of 6.19% while Pakistan's is 8.67%. India's lower tariff rate indicates a relatively more open trade policy compared to Pakistan. This could attract more foreign investments and foster economic growth, but it may also make domestic industries vulnerable to international competition. Conversely, Pakistan's higher tariff rate may protect domestic industries but could limit access to foreign goods and technology, potentially stifling innovation and competitiveness. The impact of these tariff rates on both countries' development lies in striking a balance between protecting domestic industries and promoting international trade to enhance economic efficiency and development.

In terms of the weighted mean applied tariff rate for all products, Greece has a rate of 1.48% while Turkey has a higher rate of 2.85%. This indicates that Greece imposes lower tariffs on average compared to Turkey. For Greece, a lower tariff rate could attract more foreign investment and boost trade, promoting economic growth. However, it may also lead to increased competition for domestic industries. In contrast, Turkey's higher tariffs may protect domestic industries but could deter foreign investment. Overall, these tariff rates reflect each country's trade policies and can influence their economic development and international trade relationships.

China, People's Republic of has an applied weighted mean tariff rate of 2.47%, while Japan's rate is slightly lower at 2.22%. China's higher tariff rate may indicate a more protective trade policy, possibly aimed at supporting domestic industries. However, this could also lead to higher consumer prices and reduced competitiveness in global markets. On the other hand, Japan's lower tariff rate suggests a more open approach to trade, which can attract foreign investment and foster international trade relationships. In terms of development, higher tariffs in China may shield domestic industries but could limit innovation and efficiency gains, whereas Japan's lower tariffs may promote economic growth through increased trade and market access.