Examples of tariff in the following topics:
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- They are more common than export tariffs.
- Revenue tariffs: Tariffs levied in order to raise revenue for the government.
- Specific tariffs: Tariffs that levy a flat rate on each item that is imported.
- Ad valorem tariffs: Tariffs based on a percentage of the value of each item.
- Compound tariffs: Tariffs that are a combination of specific tariffs and ad valorem tariffs.
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- Government can promote free trade by reducing tariffs, quotas, and non-tariff barriers.
- Tariffs and quotas are explicit government policies that are designed to protect domestic producers, even if they are not the most efficient producers .
- In addition to tariffs and quotas, there are a number of other barriers to free trade that countries use.
- Broadly, they are categorized as non-tariff barriers (NTBs).
- NTBs act just like tariffs and quotas in that they are barriers to free trade.
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- A tariff is a barrier to trade that taxes imports or exports, thus increasing the cost of a good.
- There are two main types of import quota: the absolute quota and the tariff-rate quota.
- A tariff-rate quota is a two-tier quota system that combines characteristics of tariffs and quotas.
- For example, under a tariff-rate quota system, a country may allow 50 million pens to be imported at the low tariff rate of $1 each.
- In the US, the import of sugar is regulated by tariff-rate barriers.
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- At times in its history, the country has had a strong impulse toward economic protectionism (the practice of using tariffs or quotas to limit imports of foreign goods in order to protect native industry).
- At the beginning of the republic, for instance, statesman Alexander Hamilton advocated a protective tariff to encourage American industrial development -- advice the country largely followed.
- U.S. protectionism peaked in 1930 with the enactment of the Smoot-Hawley Act, which sharply increased U.S. tariffs.
- In 1934, Congress enacted the Trade Agreements Act of 1934, which provided the basic legislative mandate to cut U.S. tariffs.
- The United States supported trade liberalization and was instrumental in the creation of the General Agreement on Tariffs and Trade (GATT), an international code of tariff and trade rules that was signed by 23 countries in 1947.
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- The Trade Expansion Act of 1962, which authorized the so-called Kennedy Round of trade negotiations, culminated with an agreement by 53 nations accounting for 80 percent of international trade to cut tariffs by an average of 35 percent.
- In 1979, as a result of the success of the Tokyo Round, the United States and approximately 100 other nations agreed to further tariff reductions and to the reduction of such nontariff barriers to trade as quotas and licensing requirements.
- A more recent set of multilateral negotiations, the Uruguay Round, was launched in September 1986 and concluded almost 10 years later with an agreement to reduce industrial tariff and nontariff barriers further, cut some agricultural tariffs and subsidies, and provide new protections to intellectual property.
- As a result of NAFTA, the average Mexican tariff on American goods dropped from 10 percent to 1.68 percent, and the average U.S. tariff on Mexican goods fell from 4 percent to 0.46 percent.
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- Free trade is beneficial to society because it eliminates import and export tariffs.
- Free trade policies consist of eliminating export tariffs, import quotas, and export quotas; all of which cause more losses than benefits for a country.
- In a 2006 survey of American economists, it was found that 85.7% believed that the U.S. should eliminate any remaining tariffs and trade barriers.
- Tariffs cause the consumer surplus (green area) to decrease, while the producer surplus (yellow area) and government tax revenue (blue area) increase.
- Free trade does not have tariffs and results in net gain for society.
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- This is usually through tariffs, quotas, taxes, and other trade restrictions.
- The WTO is the largest international trade organization, replacing the General Agreement on Tariffs and Trade (GATT) in 1995, designed to enable international trade while reducing unfair practices.
- The core of the WTO is the most-favored nation (MFN) rule, which states that each WTO member must be charged the lowest tariffs that an importer places on any country.
- For example, if the US charges Brazil a 5% tariff on imported clothes, and this is the lowest tariff it has placed on any country in the WTO, all other WTO members must also be charged a 5% tariff.
- Every WTO member gets charged the lowest tariff that an importer charges any other member.
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- There were to be no tariffs or taxes on interstate commerce.
- Alexander Hamilton, one of the nation's Founding Fathers and its first secretary of the treasury, advocated an economic development strategy in which the federal government would nurture infant industries by providing overt subsidies and imposing protective tariffs on imports.
- The new government dallied over some of Hamilton's proposals, but ultimately it did make tariffs an essential part of American foreign policy -- a position that lasted until almost the middle of the 20th century.
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- Tariffs: Tariffs are fairly straight-forward, essentially taxes to bring goods into a given country.
- High tariffs will raise the cost for foreign producers to sell their goods in a domestic system, providing strategic advantages for local producers.
- One of the pitfalls of tariffs is the likelihood of retaliation, where the foreign government returns with similar tariffs.
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- The United States asked more than 90 countries that were members of the world's foremost international trade arrangement, known then as the General Agreement on Tariffs and Trade (GATT), to negotiate the gradual elimination of all farm subsidies and other policies that distort farm prices, production, and trade.
- The Uruguay Round was finally completed in 1995, with participants pledging to curb their farm and export subsidies and making some other changes designed to move toward freer trade (such as converting import quotas to more easily reduceable tariffs).
- Vice President Al Gore called again for deep cuts in agricultural subsidies and tariffs worldwide.