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 ?
Next, Figure 5 uses the same demand curves, prices, and tariff rates as in Figure 3.
Rather, it may be enough to minimize dispersion of tariff rates among similar products (that is, frozen chickens must have the same rate as frozen turkeys, but not midsized automobiles).
Because earnings estimates for the foreign born are presented in ranges, the recalculated tariff rates are also shown in terms of ranges.
The average tariff rate for Southeast Asian nations is 20% to 30%, while that for Japan is 1.
4) It exacted an increasing toll on the Confederacy as the Civil War progressed, undermining the Confederacy's de facto cap on import tariff rates.
With the adjusted base tariff rates, an average residential non-heating customer's bill will increase approximately $3.
With the dismantling of the tariff rate, we see competition in Japan as we see it in the United States and the need for reinsurance," Galligan said.
The United States allows 40 million SSE gallons of frozen concentrated orange juice and 4 million gallons SSE orange juice from Mexico to enter the United States annually at half the prevailing most-favored nation tariff rate that existed in 1994.
tariff rates to the highest levels in history"; 2) that "these sky-high tariffs frightened the stock market"; 3) that "Smoot-Hawley exacerbated the Great Depression"; and 4) that "other nations retaliated with trade restrictions of their own.
The purpose of this paper is to study the effects of the customs union starting from arbitrary given initial tariff rates and determine cases when the union as well as the non-union countries may gain from the formation of the customs union.
Increase in tariff rates from 100 upto 300 will be only for WASA' domestic consumers while the majority of the respective officers are agreed to increase the tariff rates from Rs 50 to Rs 70 per cent for commercial consumers, sources said.
Colombia's applied tariff rates ranging from 5 to 20 percent.