Tariffs
in sentence
1238 examples of Tariffs in a sentence
Like all economic activity, it flourishes when property rights are respected, taxation is efficient and purposeful, letters of credit are honored,
tariffs
and other barriers are removed, and so forth.
Eliminating its remaining external tariffs, even if largely symbolic, could reinforce the simple truth that trade is not a zero-sum game, but a mutually beneficial endeavor.
But “globalization” is not the same as the elimination of
tariffs
and other import barriers that confer rent-seeking advantages to politically influential domestic producers.
As Harvard University economist Dani Rodrik frequently points out, economic theory predicts that removing
tariffs
and non-tariff barriers does produce net gains; but it also results in large redistributions, wherein eliminating smaller barriers yields larger redistributions relative to the net gains.
Yet that agreement forced Mexico to lower its
tariffs
on US goods far more than it forced the US to reduce its already low
tariffs
on Mexican goods.
Similarly, Trump may not actually tear up the North American Free Trade Agreement or raise
tariffs
dramatically.
That means abandoning the interests of Britain’s financial and business services, because services are unaffected by
tariffs
and are excluded from most free-trade deals.
Trump has promised to ditch the 12-country Trans-Pacific Partnership, impose punitive
tariffs
on Chinese imports, and unilaterally renegotiate the North American Free Trade Agreement.
With Trump obsessing over secondary issues such as
tariffs
and deficits, it will be all but impossible for the US and Europe to establish new global trade norms.
The most controversial issues in the US are those that are sometimes classified as “deep integration,” because they go beyond the traditional easing of trade
tariffs
and quotas.
For example, by banning new coal plants and shifting fossil-fuel subsidies toward the financing of renewable energy through feed-in tariffs, sustainable energy could be brought to billions of people worldwide, while reducing fossil-fuel dependency.
While prices and
tariffs
are determined on a cost-plus basis, it is unclear whether costs are properly scrutinized.
Tariffs
are set without regard for continuing losses or energy-sector inefficiencies, and the government routinely overrides the price-setting system to force consumers to cover the sector’s losses.
High payroll taxes and import
tariffs
have been imposed.
If Trump increases
tariffs
on imported goods, some or all of America’s trading partners will most likely retaliate, by imposing
tariffs
on US exports.
Even the most powerful country, the US, has reluctantly yielded to its finding, for instance, that its steel
tariffs
violated international trade law.
Just before the recent G-20 meeting in Toronto, China announced a formula that would allow modest renminbi appreciation, but some American Congressmen remain unconvinced, and threaten to increase
tariffs
on Chinese goods.
For starters, China’s
tariffs
and non-tariff barriers are higher than those of the US and other high-income countries (though not higher that most developing countries with comparable income levels).
In the US, for example,
tariffs
on many textile and garment imports, of which China has been the world’s most efficient producer, are in the 20% range, much higher than the average US rate.
Further raising the effective
tariffs
Chinese firms face is an anti-dumping regime that is often used as an instrument of protectionism, with rules that are biased against Chinese producers.
And, in the midst of all this, the government also found time to retaliate against the doubling of
tariffs
on Turkish metal exports by US President Donald Trump’s administration.
Trump’s tariffs, especially against China, are amplifying these concerns, as they risk offsetting the growth-enhancing effects of his tax and regulatory reforms.
To be sure, for 65 years, rapid trade growth has played a vital role in economic development, with average advanced-economy industrial
tariffs
plummeting from more than 30% to below 5%.
With industrial
tariffs
already dramatically reduced most potential benefits of trade liberalization have already been grasped.
Will you advocate a development round that emphasizes liberalization of labor markets more than capital markets, elimination of non-tariff barriers that keep developing countries’ goods out of advanced industrial countries, and abolition of so-called “escalating tariffs,” which impede development?
Otherwise, under WTO arrangements (favored by Fox), it would face European
tariffs
and lose investment.
Beyond withdrawing from the Trans-Pacific Partnership, he has suggested renegotiating the North American Free Trade Agreement and threatened to impose high
tariffs
on Chinese imports.
The two sides agreed “to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.”
It seemed like a remarkable U-turn for Trump, who, until recently, was threatening the European Union with higher
tariffs
– and extolling the value of trade
tariffs
(which are essentially taxes on imported goods) more generally.
It would also make it much harder for Trump to impose
tariffs
on European car imports – and German car companies’ stock prices rose sharply on the news.
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