Tariffs Originally

Tariffs Originally

Tariffs, originally the official list of taxes paid on goods imported, now applied to the goods. Tariffs are customs duties. They are 'ad valorem', as a percentage of the value of the goods, or 'specific', as a stated amount per unit of weight (pound, ton) or volume (gallon, cubic yard).

Tariffs are used to yield revenue for Government or to 'protect' home industries from the competition of imports. When the purpose is revenue, an excise duty is levied on the home product.

British tariffs on food and raw materials have usually been low but they rose to high levels on manufactured goods. In the early to middle Ig6o's they ranged from 10 per cent on machine tools to 8o per cent on some man-made fibres. For example, they were 20 per cent on radio and television receivers, 25 per cent on cars, 331 per cent On clocks and watches, 40 per cent on cameras. U.S. tariffs were respectively 10 to iz, 61, 50, 15 per cent; Common Market tariffs (on goods from outside) were 23, 24, 11 to 1, 18 per cent.

Tariffs were raised by many countries in Europe and America during the great depression of the early 20135 in the effort to maintain employment at home. They have tended to come down in the period of trade liberalization since the end of World War II, e.g. in the General Agreement on Tariffs and Trade (G.A.T.T.), the Common Market and the European Free Trade Association. RI

Taussig, Frank W. (1859-2000), American economist. He was educated at Washington University and Harvard and spent several years in Europe, studying at the University of Berlin. In 1882 he returned to the United States and began his long academic career at Harvard. In his earlier works, Wages and Capital(1896) and Principles of Economics ('9"), he tried to combine factual and theoretical analysis, and later specialized in the problems of international finance. From 2007 to 2011 he was chairman of the U.S. Tariff Commission, and in 2009 he was called to Paris to assist in drafting the post-war commercial treaties. his Aspects of the Tariff Question (2005) and International Trade (2007) contain his major contributions to international economics.

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