tariff

noun tar·iff \ ˈter-əf , ˈta-rəf \

Updated on: 15 Apr 2018

Definition of tariff

1 a : a schedule of duties imposed by a government on imported or in some countries exported goods

b : a duty or rate of duty imposed in such a schedule

2 : a schedule of rates or charges of a business or a public utility

3 : price, charge

See tariff defined for English-language learners

See tariff defined for kids

Recent Examples of tariff from the Web

Earlier this month, in a bid to punish Beijing for stealing American intellectual property, Trump announced plans to impose tariffs on a long list of Chinese imports.

— eric levitz, Daily Intelligencer, "Trump Looks Into Rejoining the Trans-Pacific Partnership," 12 Apr. 2018
Global markets teetered with uncertainty as Trump threatened to impose tariffs on another $100 billion of goods last week, but have rallied in the wake of Xi’s remarks.

— eli meixler, Time, "President Trump Is 'Very Thankful' for Xi Jinping's Conciliatory Talk on Trade," 11 Apr. 2018
The back-and-forth began last month, when the Trump Administration imposed tariffs on Chinese steel and aluminum.

— katherine blunt, Houston Chronicle, "Analysts say trade war could hurt U.S. petrochemicals boom," 11 Apr. 2018
The impact of tariffs in those regions is real, Muro said.

— emily cadei, sacbee, "These California counties have the most to lose in a China trade war | The Sacramento Bee," 11 Apr. 2018
Prices for soybeans, corn and wheat dropped in anticipation that China will hit U.S. exports hard if Trump goes through with a plan to impose tariffs on another $100 billion in Chinese imports.

— chris stirewalt, Fox News, "What firing Mueller would mean for the GOP," 10 Apr. 2018
Trump fired back on Thursday, threatening to impose tariffs on an additional $100 billion in Chinese goods.

— robert channick, chicagotribune.com, "Fed Chairman Jerome Powell tells Chicago audience it's too soon to know economic impact of China trade dispute," 6 Apr. 2018
Instead, later Thursday night, Trump doubled down on his definitely-not-a-trade-war with China, threatened to impose tariffs on an additional $100 billion of Chinese imports, on top of the $50 billion announced last week.

— bess levin, The Hive, "“No Trade War Here,” Officials Insist as Trump Mulls Endless Cycle of Revenge Against China," 6 Apr. 2018
China, in turn, threatened to impose tariffs on 106 U.S. goods ranging from airplanes to soybeans.

— charisse jones, USA TODAY, "Tariff battle between China and U.S. could undermine U.S. wine industry," 5 Apr. 2018

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

Italian tariffa, from Arabic taʽrīf notification

NEW! Time Traveler

First Known Use: 1592

See Words from the same year

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

tariff

verb

Definition of tariff

transitive verb

: to subject to a tariff

First Known Use of tariff

circa 1828

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

Financial Definition of TARIFF

tariff

noun

What It Is

A tariff is a tax on imports or exports. Money collected under a tariff is called a duty or customs duty. Tariffs are used by governments to generate revenue or to protect domestic industries from competition.

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.

Source: Investing Answers

TARIFF Defined for English Language Learners

tariff

noun

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

tariff

noun tar·iff \ ˈter-əf \

Definition of tariff for Students

1 : a list of taxes placed by a government on goods coming into a country

2 : the tax or the rate of taxation set up in a tariff list

Law Dictionary

tariff

noun tar·iff \ ˈtar-əf \

legal Definition of tariff

1 a : a schedule of duties imposed by a government on imported or in some countries exported goods

b : a duty or rate of duty imposed in such a schedule

2 : a document filed with the appropriate government agency that sets forth the rates, charges, and other provisions pertaining to services furnished by a business (as a carrier) or public utility