tariff cuts
Lowered import taxes
Tariff cuts are reductions in taxes imposed on imported goods.
Governments negotiate tariff cuts in trade agreements to lower prices for consumers and stimulate commerce between countries: The tariff cuts on steel imports will take effect next year.
Critics argue that aggressive tariff cuts can harm domestic industries unable to compete with cheaper foreign products.
- tradeExchange of commodities
- trade dealNegotiated economic accord
- importObtain from overseas
- exportForeign-bound sale
- dutiesRequired tasks or charges
reduction · negotiations · liberalization · quotas · barriers · level playing field · free trade · fair trade · WTO · most favored nation · commerce · customs · agreement · bilateral · multilateral · lowering · concessions · goods
tariff cutsimport duties
Taxes on incoming goods
customs duties · retaliatory tariffs · trade barriers · protective tariffs · trade restrictions
tariff cutsprotectionism
Shielding local producers
economic nationalism · mercantilism · import substitution · autarky · trade barriers
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