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Tariff

A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry.[1] Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade.

Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Tariffs on imports are designed to raise the price of imported goods and services to discourage consumption. The intention is for citizens to buy local products instead, thereby stimulating their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce the trade deficit. They have historically been justified as a means to protect infant industries and to allow import substitution industrialisation (industrializing a nation by replacing imported goods with domestic production). Tariffs may also be used to rectify artificially low prices for certain imported goods, due to 'dumping', export subsidies or currency manipulation.

There is near unanimous consensus among economists that tariffs are self-defeating and 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.[2][3][4][5][6] Although trade liberalisation can sometimes result in large and unequally distributed losses and gains, and can, in the short run, cause significant economic dislocation of workers in import-competing sectors,[7] free trade has advantages of lowering costs of goods and services for both producers and consumers.[8] The economic burden of tariffs falls on the importer, the exporter, and the consumer.[9] Often intended to protect specific industries, tariffs can end up backfiring and harming the industries they were intended to protect through rising input costs and retaliatory tariffs.[10][11]

The notion that bilateral trade deficits are per se detrimental to the respective national economies is overwhelmingly rejected by trade experts and economists.[12][13][14][15]

  1. ^ Furceri, Davide; Hannan, Swarnali A.; Ostry, Jonathon D.; Rose, Andrew K. (2019). Macroeconomic Consequences of Tariffs. International Monetary Fund. p. 4. ISBN 9781484390061.
  2. ^ Krugman, Paul R. (May 1993). "The Narrow and Broad Arguments for Free Trade". American Economic Review: Papers and Proceedings. 83 (3): 362–366. JSTOR 2117691.
  3. ^ N. Gregory Mankiw, Economists Actually Agree on This: The Wisdom of Free Trade Archived 2019-07-16 at the Wayback Machine, The New York Times (April 24, 2015): "Economists are famous for disagreeing with one another.... But economists reach near unanimity on some topics, including international trade."
  4. ^ Poole, William (2004). "Free Trade: Why Are Economists and Noneconomists So Far Apart" (PDF). Federal Reserve Bank of St. Louis Review. 86 (5): 1. doi:10.20955/r.86.1-6. Archived (PDF) from the original on 2017-12-07. Retrieved 2023-06-14. most observers agree that '[t]he consensus among mainstream economists on the desirability of free trade remains almost universal.'
  5. ^ "Trade Within Europe | IGM Forum". igmchicago.org. December 7, 2016. Archived from the original on 2017-01-13. Retrieved 2017-06-24.
  6. ^ Wiseman, Paul (2024-09-27). "Trump favors huge new tariffs. How do they work?". Associated Press. Retrieved 2024-10-12 – via PBS News.
  7. ^ Poole, William (2004). "Free Trade: Why Are Economists and Noneconomists So Far Apart" (PDF). Federal Reserve Bank of St. Louis Review. 86 (5): 2. doi:10.20955/r.86.1-6. Archived (PDF) from the original on 2017-12-07. Retrieved 2023-06-14. One set of reservations concerns distributional effects of trade. Workers are not seen as benefiting from trade. Strong evidence exists indicating a perception that the benefits of trade flow to businesses and the wealthy, rather than to workers, and to those abroad rather than to those in the United States.
  8. ^ Rosenfeld, Everett (11 March 2016). "Here's why everyone is arguing about free trade". CNBC. Archived from the original on 12 March 2016. Retrieved 10 August 2021.
  9. ^ "Trump's tariffs: How they work, and who would pay". Axios. 2024.
  10. ^ Flaaen, Aaron; Pierce, Justin (2024). "Disentangling the Effects of the 2018-2019 Tariffs on a Globally Connected U.S. Manufacturing Sector". The Review of Economics and Statistics. 2024: 1–45. doi:10.1162/rest_a_01498.
  11. ^ Amiti, Mary; Redding, Stephen J.; Weinstein, David E. (2020). "Who's Paying for the US Tariffs? A Longer-Term Perspective". AEA Papers and Proceedings. 110: 541–546. doi:10.1257/pandp.20201018. ISSN 2574-0768.
  12. ^ "Analysis: Trump rails against trade deficit, but economists say there's no easy way for him to make it go away". Washington Post. Retrieved 12 March 2017.
  13. ^ "Trump warns of trade deficits. Economists say, who cares?". Public Radio International. Retrieved 2017-10-17.
  14. ^ "Trade Balances". www.igmchicago.org. Retrieved 2017-10-27.
  15. ^ "What Is the Trade Deficit?". The New York Times. 2018-06-09. ISSN 0362-4331. Retrieved 2018-06-10.

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