Recent Examples of tariff from the Web
The two territories operate under different tariffs and rate structures, which explains the different rate decreases.
The plea comes as talks continue to renegotiate the more than two-decade old trade pact, which lifted tariffs on goods moving between the three nations.
Chinese officials plan to take aim at U.S. companies if President Trump inflicts tariffs, a key American business lobby warned Tuesday, potentially veering both countries toward a trade war that could cripple global markets.
But protecting American jobs means more than setting tariffs or quotas.
The Trump administration earlier this week slapped tariffs on imports of solar panels, a focus area for Chinese industry.
Panel manufacturers, the beneficiaries of this new tariff, make up a small part of the overall solar industry.
On Tuesday, the White House signed off on steep tariffs on washing machines imported from South Korea and solar panel components from China.
Error 5 China's global solar leadership is unlikely to be seriously threatened by Donald Trump's tariffs on solar panels because the country - not the U.S. - is the world's biggest market for such panel, says Bloomberg New Energy Finance.
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
TARIFF Defined for Kids
legal Definition of tariff
Origin and Etymology of tariff
Seen and Heard
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