Recent Examples of tariff from the Web
But others, like Dwayne Frank, 25, would feel the effects of a steel tariff first.
But the Associated Press reports that Chinese piracy seems to be more of a reason to institute tariffs the administration already wants to carry out.
Separately, the Trump administration is investigating whether foreign steel threatens U.S. national security -- a probe that could lead to tariffs or quotas on those imports.
As such, the risk of President Trump imposing punitive import tariffs on Chinese steel and aluminium appears to be rising.
Just as officials of the two nations prepare to meet Wednesday in Washington, the Trump administration is considering slapping tariffs on steel imports, a step that risks igniting a trade war.
NAFTA, passed in 1994, brought down import tariffs and other barriers to trade with Mexico.
These firms are still backing a 1974 Trade Act Section 201 petition for Trump to impose yet stricter temporary tariffs.
Average tariffs between the two sides are already low.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'tariff.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Origin and Etymology of tariff
First Known Use: 1592See Words from the same year
First Known Use of tariff
Financial Definition of TARIFF
What It Is
How It Works
There are generally two types of tariffs. Ad valorem tariffs are calculated as a fixed percentage of the value of the imported good. When the international price of a good rises or falls, so does the tariff. A specific tariff is a fixed amount of money that does not vary with the price of the good. In some cases, both the ad valorem and specific tariffs are levied on the same product.
For example, Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the United States. A 20% ad valorem tariff would require Company XYZ to pay the U.S. government $20 to export the cheese. A specific tax would involve charging $30 dollars per pound of cheese whether cheese sold for $100 or $200 per pound.
Why It Matters
Import and export taxes make it more expensive for users of foreign goods, causing a decline in imports, a decline in the supply of the good, and a resulting increase in the price of the good. The price increase usually motivates domestic producers to increase their output of the product.
Some economists argue that the resulting higher consumer prices, higher producer revenues and profits, and higher government revenues make tariff s a way to effectively transfer money from consumers to government treasuries. Some economists also argue that tariffs interfere with free market ideals by diverting resources to domestic industries that are less efficient than foreign producers.
TARIFF Defined for English Language Learners
Definition of tariff for English Language Learners
: a tax on goods coming into or leaving a country
: a list of prices charged by a hotel or restaurant for meals, rooms, etc., or by a public company for gas, electricity, etc.
TARIFF Defined for Kids
Definition of tariff for Students
legal Definition of tariff
Origin and Etymology of tariff
Seen and Heard
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