tariff

noun

tar·iff | \ ˈter-əf ,

ˈta-rəf \

Definition of tariff

(Entry 1 of 2)

1a : 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

tariff

verb

tariffed; tariffing; tariffs

Definition of tariff (Entry 2 of 2)

transitive verb

: to subject to a tariff

Examples of tariff in a Sentence

Recent Examples on the Web: Noun

The impact is likely to be much bigger next year if more tariffs are put in place. — WSJ, "China’s Trade Surplus With U.S. Hits Record as Fight Intensifies," 13 July 2018 But the new tariffs will not be imposed until the end of a two-month public comment period. — Danielle Paquette, latimes.com, "U.S. proposes tariffs on $200 billion more in Chinese imports," 11 July 2018 These tariffs will only be implemented should Trump decide to go ahead with placing duties on EU cars and car parts. — Natasha Bach, Fortune, "The EU Is Preparing New Tariffs to Strike Back in Its Trade War With Trump—Ketchup, Beware," 6 July 2018 Trump's tariffs are meant to pressure Beijing to reform its trade policies. — NBC News, "China says it must 'counterattack' after U.S. tariff hike officially takes effect," 6 July 2018 The meeting illustrates how disputes between the world’s two largest economies extend beyond U.S. President Donald Trump’s plans to slap tariffs on Chinese goods and restrict the country’s investments. — Bloomberg.com, "Xi Warns Mattis China Won’t Surrender ‘One Inch’ of Territory," 28 June 2018 As America's trading partners slap tariffs on U.S. crops, those prices are set to be further undermined. — Irina Ivanova, CBS News, "Farmers in America are killing themselves in staggering numbers," 26 June 2018 Those tariffs were expanded to include allies such as the European Union and Canada earlier this month. — Alex Soderstrom, ajc, "Georgia farmers face uncertainty as crop tariffs loom," 25 June 2018 That equation changes dramatically when tariffs are factored in. — New York Times, "Trump’s Trade War Could Shut Cheesemakers Out of Foreign Markets," 24 June 2018

Recent Examples on the Web: Verb

Trump’s latest salvo in a brewing trade war would mean a sizable amount of Chinese goods shipped to the U.S. would be exposed to tariff threats and raises new questions about the impact on American consumers. — Fortune, "President Trump Targets $200 Billion in Chinese Imports as Trade Spat Grows," 19 June 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.

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Last Updated

1 Sep 2018

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The first known use of tariff was in 1592

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More Definitions for tariff

tariff

noun

Financial Definition of tariff

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

noun

English Language Learners Definition of tariff

: 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.

See the full definition for tariff in the English Language Learners Dictionary

tariff

noun

tar·iff | \ ˈter-əf

Kids Definition of tariff

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

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tariff

noun

tar·iff | \ ˈtar-əf

Legal Definition of tariff

1a : 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