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Course 477
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A tariff quota is a combination of a specific tariff and an ad valorem tariff.
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An import tariff will worsen the terms of trade for a "small" country but improve the terms of trade for a "large" country.
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Bonded warehouses and foreign trade zones have the effect of allowing domestic importers to postpone and prorate over time their import duty obligations.
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According to the tariff escalation effect, industrial countries apply low tariffs to imports of finished goods and high tariffs to imports of raw materials.
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Although tariffs on imported steel may lead to job gains for domestic steel workers, they can lead to job losses for domestic auto workers.
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According to the infant-industry argument, temporary tariff protection granted to an infant industry will help it become competitive in the world market; when international competitiveness is achieved, the tariff should be removed.
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Although an import tariff provides the domestic government additional tax revenue, it benefits domestic consumers at the expense of domestic producers.
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A specific tariff is expressed as a fixed percentage of the total value of an imported product.
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A tariff on steel imports tends to improve the competitiveness of domestic automobile companies.
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A tariff can be thought of as a tax on imported goods.
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