Tariff
/ˈtærɪf/
Definitions
2 meaningsA tax or duty imposed by a government on imports or exports.
/ˈtærɪf/
A tax or duty to be paid on a particular class of imports or exports.
The country raised tariffs on agricultural products.
💡 Simply: Imagine you're buying toys from another country. A tariff is like a special fee the government charges on those toys, making them more expensive to buy. It's like the government's way of protecting toys made in your country.
👶 For kids: It's like a special tax on things you buy from other countries. It makes those things cost more.
More Examples
The new trade agreement significantly reduced tariffs between the two nations.
Businesses are concerned about the impact of higher tariffs on their profits.
The government implemented a tariff to protect domestic industries from foreign competition.
How It's Used
"The government imposed a high tariff on imported steel to protect domestic manufacturers."
"Trade negotiations often focus on reducing or eliminating tariffs between countries."
To impose a tariff on something.
/ˈtærɪf/
To set or impose a tariff on (goods).
The government decided to tariff certain goods to protect local industries.
💡 Simply: Think of the government choosing to add that special fee (tariff) to something. So, if they 'tariff' cars, they're adding the tariff fee.
👶 For kids: To put a special tax on something you buy from another place.
More Examples
The country chose to tariff imported agricultural products.
They threatened to tariff the goods if the other nation did not change its trade policies.
How It's Used
"The government decided to tariff imported cars at 25%."
From Italian *tariffa*, from Arabic *taʿrīfah* (definition, list), from *ʿarrafa* (to define). It entered English in the 16th century, initially referring to a price list, then specifically duties on imported goods.
The word tariff has evolved from referring to price lists in general to specifically customs duties. Early uses often detailed fees for various types of goods.
Memory tip
Think of a 'tax rifle' (tariff) that shoots down the price of imported goods.