12 Facts About Tariff

Tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods.

Tariff believed that duties on raw materials should be generally low.

Tariff believed that political independence was predicated upon economic independence.

Tariff noted that exports were 7 percent of GNP in 1929, they fell by 1.

Tariff concluded that contrary the popular argument, contractionary effect of the tariff was small.

Tariff considers that infant industry protection policy has generated much better growth performance in the developing world than free trade policies since the 1980s.

Tariff pointed out that the reduction of wages led to a reduction in national demand which constrained markets.

Tariff criticised, for example, the neoclassical assumption of wage adjustment.

Tariff criticised the static dimension of the theory of comparative advantage, which, in his view, by fixing comparative advantages definitively, led in practice to a waste of national resources.

Tariff thus proposed the search for a certain degree of self-sufficiency.

Tariff defends the idea of producing on national soil when possible and reasonable and expresses sympathy for the advocates of protectionism.

Tariff considered that quotas could be more effective than currency depreciation in dealing with external imbalances.