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 ?
122/2016 / ND-CP dated 1 month 9th of 2016 of the Government on the Export Tariff, Preferential Import Tariff, List of goods and absolute tariffs, mixed taxes, non-tariff import duties and amendments and supplements .
In case such countries want to pursue an export-led growth strategy, they need to slash import tariffs, particularly for capital goods and raw material, so that their exports, which make use of imported products, become competitive in foreign markets.
The report also indicated that under the Atiga, Laos is only able to maintain import tariffs on some goods which it sees as essential for economic stability.
On Monday, the US increased import tariffs on Turkish steel to 50% from 25%.
'Philippine banana exporters are already battling it out in South Korea with competitors granted concessionary import tariff rates.
Amid fears of losing South Korea as a top market for Philippine banana, local exporters are now pressing the government to immediately pursue bilateral talks on the unresolved issue of high import tariff imposed on Philippine Cavendish.
The interpretation of power delegated to the US president and/or the US trade representative can create some room for manoeuvre as the unilateral imposition of import tariffs has just demonstrated.
Commenting on the US decision, Beijing called on Washington to avoid excessive use of protectionist trade measures, with China Iron and Steel Association calling the US import tariff policy "foolish protectionist measures".
import tariffs on steel and aluminum, up to $294 billion of U.S.
That being the case would surely mean that British companies purchasing components made in the 27 states of the EU would also have to pay import tariffs which makes a total mockery of any reasons given by the unelected chief EU negotiator Michael Barnier, who by punishing Britain for having the nerve to leave the cesspit of corruption - also referred to as the EU - will also be punishing the whole of the EU as import tariffs are no good for anyone.
DPA Brussels German Economy Minister Peter Altmaier expressed hope Monday of achieving a breakthrough with the United States ahead of a deadline this week for Washington to increase import tariffs for steel and aluminium imports from the European Union.
Beijing is opening up the world's largest auto market amid an easing of tensions with the United States.China said Tuesday it would cut vehicle import tariffs from as much as 25 percent to 15 percent starting July.