Duty

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Duty

A tax on imports, exports, or consumption goods.

Duty

A tax that a country imposes on its imports and, occasionally, exports. A duty exists to make an import more expensive and to thereby encourage people to buy goods produced in their own country. Proponents of their use argue that duties discourage outsourcing of jobs to other countries and make the country more self-sufficient, but most economists agree that they are economically inefficient and some contend that they may ultimately harm the people they are intended to help. A duty is also called a tariff. See also: WTO, International trade, Globalization.

duty

See tariff.
References in periodicals archive ?
Trump has threatened to hit Europe's car makers with import tariffs if the EU retaliated in response to the metal measures.
Pakistan has reduced Lankan betel import tariff by 35% (In 2010, $ 5.
We note that the reduction in import tariffs will be gradual so WTO membership does not warrant a dramatic change in our stock ratings.
Car assemblers and their vendors see collapse of the local manufacturing base as a foreign expert Gary Persul has called for introducing blanket import tariff in Pakistan which is being currently considered by the Economic Coordination Committee (ECC).
This will be a unified tariff now, it will be slightly higher than internal, but lower than export and import tariffs.
The company has decided to shift manufacturing to the country also because the strong yen and high import tariffs levied by Vietnam are eroding earnings from the carmaker's export business based in Japan, the sources added.
EU plans to grant additional aid to Pakistan by suspending import tariffs on Pakistani goods from clothing and cotton to ethanol have been frustrated by opposition from India and other members of the World Trade Organisation.
Summary: Libya's government has ordered the abolition of import tariffs on staple goods and taxes on consumption and production, according to reports.
Mexico trade dispute following a move by Mexico to impose additional import tariffs on U.
Summary: BEIREUT: The 2010 draft budget will include an item that will exempt companies and individuals from paying any import tariffs on hybrid cars.
The European Union's free trade agreement (FTA) with Colombia and Peru will entail a further cut in banana import tariffs for the two nations, the European Commission confirmed, on 10 March.
Summary: Morocco is happy with the level of its wheat import tariffs after lowering them in the new year and plans no further reductions, the head of its grain import agency ONICL said on Thursday.