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.
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Tariff Verb Synonyms: tax, assessment, duty, excise, levy, impost, toll, rate
Tariff Adjective Synonyms: schedule (of charges), price-list, bill of fare, menu
Business / Agriculture / General Agreement On Tariffs And Trade (GATT): An agreement originally negotiated in Geneva, Switzerland in 1947 to increase international trade by reducing tariffs and nontariff trade barriers. The agreement provides a code of conduct for interna MORE
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