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 ?
Once the Russian automotive industry is strengthened, through new lending policies, import tariffs and the stimulation of foreign assembly, the future of this industry looks bright.
However, if a 70% cut in import tariffs to the EU is approved at WTO level it could unleash devastating short and long term damage on beef output in Europe because it would immediately open up EU markets to the remnants of the world's contracting production surplus and this pressure would last until international export excesses eventually disappeared.
The safeguard against imports of beef is based on a law regulating import tariffs that allows Japan under a World Trade Organization agreement to automatically raise its import tariff on beef from 38.
The fear is that Russia will be forced to drop import tariffs that many see as aimed at protecting domestic producers from dumping.
31 a list of steel items to be exempted from its hefty import tariffs before deciding whether to retaliate, a top Japanese trade official said Monday.
China has decided to slap up to 26% in temporary import tariffs on steel products in a bid to curb surging imports, the Chinese state media said Tuesday.
AMERICAN goods may be subject to 100 per cent duties in retaliation for US steel import tariffs.
She has described an EU decision to impose strict import tariffs on imported steel as "a fantastic boost" for Welsh steel communities.
US President George Bush imposed 30 per cent import tariffs on steel, leaving unions furious.
Steel says it will exercise its option to acquire National Steel until a number of conditions are met, including some demands made upon the federal government concerning legacy cost relief and the imposition of import tariffs.
There has been some interest in developing new polyester polyol capacity in Brazil due to high import tariffs, IAL says.
import tariffs on trucks with wheels over eight feet wide.