Business / Agriculture / Tariff: A tariff is a list or schedule of taxes, while a duty is the tax imposed on a specific item. However, the terms duty and tariff have come to be used interchangeably. In international trade, these taxes must be paid to a government on selected imported or sometimes exported goods. The Harmonized Tariff Schedules of the United States (HTSUS) lists the items on which the United States levies duties. Tariffs may be protective of domestic producers (keeping domestic prices higher than world prices) or serve as revenue generators for the government. Tariffs are considered transparent trade barriers in contrast to several nontariff barriers. The Uruguay Round Agreement on Agriculture requires conversion of nontariff barriers to bound tariffs.

Other Words for Tariff

Tariff Verb Synonyms: tax, assessment, duty, excise, levy, impost, toll, rate
Tariff Adjective Synonyms: schedule (of charges), price-list, bill of fare, menu

Bound Tariff Rate

Business / Agriculture / Bound Tariff Rate: The most-favored-nation tariff rate resulting from negotiations under the General Agreement on Tariffs and Trade (GATT) and incorporated as an integral component of a country’s schedule of concessio MORE

Nontariff Barriers (NTB’s)

Business / Agriculture / Nontariff Barriers (NTB’s): Any restriction, charge, or policy other than a tariff, that limits access of imported goods. Examples of nontariff barriers include quantitative restrictions, mainly import quotas and embargoes: impo MORE

Tariff Rate Quota

Business / Agriculture / Tariff Rate Quota: A trade policy tool used to protect a domestically-produced commodity or product from competitive imports. A tariff rate quota (TRQ) combines two policy instruments that nations historically have used MORE