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 ?
In November, Egypt's ministry of industry and foreign trade declared that protective tariffs on imported steel rebars would temporarily be applied at a rate of 6.
The National Turkey Federation, National Chicken Council, National Cattlemen's Beef Association and the American Meat Institute earlier began a campaign to convince members of the House Ways and Means Committee to allow the 30-year-old tax credits and protective tariff to lapse as scheduled.
Rather than free trade, the argument turns to support the idea of using protective tariffs and subsidies in areas where undeveloped countries need them, in order to grow their economies as the rich countries initially did.
Before, domestically made goods couldn't compete with cheaper foreign imports after privatizations, economic deregulation and the end of protective tariffs.
Improved trade relations with the European Union and a generalized decline in protective tariffs has whetted the appetite of the average Turkish consumer for a wide range of imported durable and non-durable goods.
If the cost of protective tariffs is passed on to final consumers, it will further punish beef sales in this increasingly price-sensitive market.
Subtopics include scandals, foreign affairs, personalities, protective tariffs and other areas of interest.
Proton has had a disagreement with Japanese car maker Mitsubishi, which supplied the powertrains for Proton cars -the bigger manufacturers are now looking to sell the technology themselves into a reformed market without protective tariffs.
For the rest of the antebellum period, Southern economists, politicians, and editors frequently argued that protective tariffs transferred hundreds of millions of dollars from Southern planters to Northern manufacturers.
Protective tariffs designed to help one small group of domestic manufacturers would have negative downstream effects on consumers and on such distribution industries as retailing, wholesaling, warehousing and transportation.
A congressional group is threatening to impose protective tariffs of 27 percent against all Chinese goods if Beijing doesn't raise the value of its currency.
These three economic powerhouses protect their farmers by restricting access to their markets with protective tariffs, while also subsidizing domestic agricultural production and providing export credits that allow producers to dump food on the world market at below the cost of production.