Tariff

tariffscustoms dutyimport dutiestollimport dutyimport tarifftollsdutycustoms dutiesimport tax
A tariff is a tax on imports or exports between sovereign states.wikipedia
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Protectionism

protectionisttariff reformprotection
Now, they are among the most widely used instruments of protectionism, along with import and export quotas. His Liberal Unionists had split from the Liberals, who promoted Free Trade, and the speech was a landmark in the group's slide towards Protectionism.
Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.

Corn Laws

Corn Lawrepeal of the Corn LawsImportation Act 1815
Tariffs were reduced in 1833 and the Corn Laws were repealed in 1846, which amounted to free trade in food.
The Corn Laws were tariffs and other trade restrictions on imported food and grain ("corn") enforced in the United Kingdom between 1815 and 1846.

Import

importsimporterimportation
A tariff is a tax on imports or exports between sovereign states.
The importing and exporting jurisdictions may impose a tariff (tax) on the goods.

Export

exportsexporterexported
A tariff is a tax on imports or exports between sovereign states.
A tariff is a tax placed on a specific good or set of goods exported from or imported to a countryside, creating an economic barrier to trade.

Trade barrier

trade barriersexport controlbarriers to trade
There is near unanimous consensus among economists that tariffs have a negative effect on economic growth and economic welfare while free trade and the reduction of trade barriers has a positive effect on economic growth.
Barriers take the form of tariffs (which impose a financial burden on imports) and non-tariff barriers to trade (which uses other overt and covert means to restrict imports and occasionally exports).

Tariff of Abominations

Tariff of 1828Tariffs of 18281828
A high tariff was attempted in 1828 but the South denounced it as a "Tariff of Abominations" and it almost caused a rebellion in South Carolina until it was lowered.
The Tariff of 1828 was a protective tariff passed by the Congress of the United States on May 19, 1828, designed to protect industry in the Northern United States.

American System (economic plan)

American SystemAmerican System economic planAmerican System of internal improvements
In the 19th century, statesmen such as Senator Henry Clay continued Hamilton's themes within the Whig Party under the name "American System. Before 1860 they were always defeated by the low-tariff Democrats.
Rooted in the "American School" ideas of Alexander Hamilton, the plan "consisted of three mutually reinforcing parts: a tariff to protect and promote American industry; a national bank to foster commerce; and federal subsidies for roads, canals, and other 'internal improvements' to develop profitable markets for agriculture".

Import substitution industrialization

import substitutionimport substitution industrialisationimport-substitution
They have historically been justified as a means to protect infant industries and to allow import substitution industrialization.
From these postulates, it derives a body of practices, which are commonly: an active industrial policy to subsidize and orchestrate production of strategic substitutes, protective barriers to trade (such as tariffs), an overvalued currency to help manufacturers import capital goods (heavy machinery), and discouragement of foreign direct investment.

Smoot–Hawley Tariff Act

Smoot-Hawley Tariff ActTariff Act of 1930Smoot-Hawley Tariff
Most economists hold the opinion that the US Tariff Act did not greatly worsen the great depression:
The act raised US tariffs on over 20,000 imported goods.

Harmonized System

Harmonized Tariff ScheduleHarmonized Commodity Description and Coding SystemHarmonized Schedule Number
This is often the transaction value unless a customs officer determines assessable value in accordance with the Harmonized System.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products.

Customs valuation

Agreements on Customs Valuationappraisementassessment
This is often the transaction value unless a customs officer determines assessable value in accordance with the Harmonized System.
Generally, authorities engage in this process as a means of protecting tariff concessions, collecting revenue for the governing authority, implementing trade policy, and protecting public health and safety.

Customs

customs dutiesCustoms Servicecustom duties
A customs authority in each country is responsible for collecting taxes on the import into or export of goods out of the country.
Customs is an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, transports, personal, and hazardous items, into and out of a country.

Great Famine (Ireland)

Great FamineIrish Potato FamineGreat Irish Famine
This devastated Britain's old rural economy but began to mitigate the effects of Great Famine in Ireland.
In October 1845, Peel moved to repeal the Corn Laws—tariffs on grain which kept the price of bread artificially high—but the issue split his party and he had insufficient support from his own colleagues to push the measure through.

Indirect tax

indirect taxationindirect taxesindirect
A customs duty or due is the indirect tax levied on the import or export of goods in international trade.
An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST ), excise, tariff) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).

William McKinley

McKinleyPresident McKinleyPresident William McKinley
The conservative Republican tradition, typified by William McKinley was a high tariff, while the Democrats typically called for a lower tariff to help consumers.
McKinley, campaigning mostly on his support for a protective tariff, defeated the Democratic nominee, Levi L. Lamborn, by 3,300 votes, while Hayes won a hotly disputed election to reach the presidency.

Free market

free-marketfree enterprisefree markets
Neoclassical economic theorists tend to view tariffs as distortions to the free market.
Proponents of the concept of free market contrast it with a regulated market in which a government intervenes in supply and demand through various methods such as tariffs used to restrict trade and to protect the local economy.

Dumping (pricing policy)

dumpinganti-dumpingantidumping
On 15 June 1903, the Secretary of State for Foreign Affairs, the Marquess of Lansdowne made a speech in the House of Lords defending fiscal retaliation against countries with high tariffs and whose governments subsidised products for sale in Britain (known as 'bounty-fed products', also called dumping).
An investigation typically looks for damage caused by dumping to community producers, and the level of tariff set is based on the damage done to community producers by dumping.

Free trade

trade liberalizationfree-tradetrade liberalisation
His Liberal Unionists had split from the Liberals, who promoted Free Trade, and the speech was a landmark in the group's slide towards Protectionism.
Most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or subsidies to exports.

Beggar thy neighbour

beggar thy neighborbeggar-thy-neighbor
In this case, the welfare of the other country grows worse simultaneously, thus the policy is a kind of beggar thy neighbor policy.
The term was originally devised to characterise policies of trying to cure domestic depression and unemployment by shifting effective demand away from imports onto domestically produced goods, either through tariffs and quotas on imports, or by competitive devaluation.

Alexander Hamilton

HamiltonHamiltonianA. Hamilton
In the 19th century, Alexander Hamilton and the economist Friedrich List defended the benefits of "educator protectionism" as a necessary means of protecting infant industries.
These programs were funded primarily by a tariff on imports, and later by a controversial whiskey tax.

Mercantilism

mercantilistmercantilemercantilists
The poor countries that have succeeded in achieving strong and sustainable growth are those that have become mercantilists, not free traders: China, South Korea, Japan, Taiwan.
High tariffs, especially on manufactured goods, were an almost universal feature of mercantilist policy.

Australian Labor Party

LaborLabor PartyALP
In the leadup to the 2007 Australian Federal election, the Australian Labor Party announced it would undertake a review of Australian car tariffs if elected.
Labor has at various times supported high tariffs and low tariffs, conscription and pacifism, White Australia and multiculturalism, nationalisation and privatisation, isolationism and internationalism.

Non-tariff barriers to trade

non-tariff barriersnon-tariff barrierexport quota
Non-tariff barriers to trade (NTBs) or sometimes called "Non-Tariff Measures (NTMs)" are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs.

Ad valorem tax

ad valoremad valorem'' taxad valorem'' taxes
An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff).

Eco-Tariffs

Environmental tariffcarbon tariff
These trade barriers may take the form of import or export taxes on products that have a large carbon footprint or are imported from countries with lax environmental regulations.