Duty

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Duty

A tax on imports, exports, or consumption goods.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

duty

See tariff.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
Most of the revenue came from the protective tariff, which comprised over 50 percent during the 1870s and 1880s.
And ferociously entrepreneurial private enterprise was supported by a broad array of state investments, guarantees and protective tariffs, in accordance with the "American System" inspired by Alexander Hamilton and realised by Henry Clay.
KAHyRE (CyHAN)- Egypt's ministry of industry and foreign trade on Thursday announced that protective tariffs on imported steel rebars would temporarily be applied at a rate of 6.8 per cent at a minimum of LE299 per ton for roughly seven months, Al Ahram online reported.
When South Carolina declared protective tariffs imposed by the federal government as unconstitutional and, therefore, null and void within the state's borders, Clay and fellow Sen.
The carmakers appealed to Kha-menehi who responded with his support for protective tariffs. Auto tariffs were hiked back to 90 percent.
poultry industry has joined red meat producers and processors in an effort to block legislation by midwestern senators that would renew tax credits and protective tariffs for ethanol, which are due to expire at the end of the year.
As international trade competition heated up and more states instituted protective tariffs, British observers realized that tariffs could be an effective tool in international dealings, diplomatic as well as economic.
and the GATT agreement with the European Union ended the protective tariffs on wines from outside the province.
Ex-colonial powers, collectively represented by the World Bank, the International Monetary Fund, and now joined by the European Union, offer loans under conditions such as the privatisation of utilities, opening markets to competition from foreigner companies and disallowing existing protective tariffs by the ex-colony.
Another key item for developing countries is the special safeguard mechanism (SSM) that allows countries to impose protective tariffs in case of a surge in imports of a particular agricultural product.