Duty

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Related to Import tariff: Import quota, Export Tariff

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 ?
The import tariff rationalisation will eventually make Pakistan a nascent state having no manufacturing and employment generation activity rather importing each and every item from other countries thus depleting foreign exchange reserves, a spokesman of Pakistan Automotive Manufacturers' Association (PAMA) said on Tuesday while reacting on the recommendation.
Private sector strongly feels that reduction in import tariff on smuggle prone items is the only solution to discourage the smuggling under the garb of ATTA and they are also of the view that increased legal imports would compensate the fall in reduction in the rate of import tariff.
Less economically advanced countries -- Cambodia, Laos, Myanmar and Vietnam -- are given more time to eliminate their import tariffs.
Fast food providers and other restaurants are strongly opposed to the government's plan to raise the import tariff on beef.
During talks with Japan in Geneva in April, Russia said it wants to join the WTO with a plan to raise its import tariff rate on new vehicles to 35% in 2005 from the current 25%, according to the sources.
She considered a specific import tariff on oil, a gasoline tax and a drawdown of stocks from the strategic petroleum reserve.
From a strategic perspective, corresponding tariff policies are required to encourage imports and in 2011, China will implement a low annual provisional import tariff rate on more than 600 products related to resources, basic raw materials and key components.
South Korea, the world's No 5 crude oil importer, may lower its 3-per cent crude oil import tariff to curb inflation, Finance Minister Yoon Jeung-hyun said.
com/buy-rice_long_grain/ ) and cotton import tariff quotas will not change, but will remain the same as 2008.
Until now the two countries have no bilateral free trade agreement , therefore, the import tariff agreement is to be implemented through ASEAN-China Free Trade Agreement (FTA).
The China Rubber Industrial Association has asked the government to cut the import tariff on natural rubber to help the struggling industry, according to a petition filed to the State Council.
The ITC had voted on remedies to offset the market disruptions and recommended an additional import tariff of 30% to the President.