Data Source: World Bank, Long definition by ChatGPT: The meaning of "tariff rate applied weighted mean primary products (%)" refers to the average percentage rate of tariffs applied to primary products, taking into account the weight of each product in the overall calculation.
A tariff is a tax or duty imposed on imported or exported goods. The tariff rate applied refers to the specific percentage rate at which the tariff is levied on primary products. Primary products typically include raw materials, agricultural products, and natural resources in their unprocessed or minimally processed forms.
The weighted mean takes into consideration the relative importance or weight of each primary product in the total calculation. This means that the tariff rate is averaged across different primary products, giving more weight to those that are more significant or contribute more to the overall calculation.
Therefore, "tariff rate applied weighted mean primary products (%)" represents the average percentage of tariffs imposed on primary products, taking into account the significance of each product in the overall calculation. Description by ChatGPT OpenAI, #shorts
