.Can I possibly retract the bid?

I made a bid for an item in the usa.

I have only just started using ebay and didn't realise i'd have to pay import duty on the piece of material The material costs $600 and the tax is making the price $861.This way over what I can afford!

I bought a piece of material for $500 and did not have any duty to pay.Is it possible to retract the bid?

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