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 ?
They justified protective tariffs as essential in protecting our workers from imports made by cheap foreign labor.
The removal of Turkey's protective tariffs is expected to hurt the country's domestic food processing, paper products, beverage and consumer durable goods industries.
For example, it is revealing to compare job creation in Canadian industries that have protective tariffs and those that do not.
After a decree by the minister of industry and foreign trade (MIFT) in December 2012, which temporarily imposed protective tariffs on imported steel to be applied at a rate of 6.
And while American consumers were occasionally manipulated by outrageously high protective tariffs, especially the above-mentioned "Tariff of Abominations," inside the United States a massive free market emerged over which the U.
A few months ago, Supreme Leader Ali Khamenehi made an unusual public intervention into economic policy by calling for protective tariffs to drive out foreign imports and allow domestic industry to flourish.
THE WORLD Trade Organisation (WTO) will now miss its December deadline for wrapping up a Doha Development Round that would have slashed food production subsides and protective tariffs, the WTO director general Pascal Lamy has admitted.
The average Vietnamese consumer finds that protective tariffs price imported durable goods beyond their reach.
As for what should be done about it, the business owners seemed to favor institution of protective tariffs and enforcing dumping laws rather than to have federal subsidies of manufacturers.
Among the many important points he raises is the notion that if we want to reduce inappropriate corporate power, we must eliminate the power of the government to dole out subsidies and protective tariffs.
This makes the company highly competitive on the world stage, allowing it profits despite a slump in the market and protective tariffs on both sides of Suez.
This posits that a nation can better itself by employing temporary protective tariffs to shield its "desirable" new industries until they can compete successfully in the world market.