TARIFF WALL Meaning and
Definition
-
A tariff wall refers to a trade policy implemented by a country to protect its domestic industries from foreign competition. It involves the imposition of high import duties or tariffs on imported goods. The primary objective of a tariff wall is to increase the cost of imported goods, making them less attractive to domestic consumers and giving a competitive advantage to local industries.
Tariff walls are often established to shield domestic industries from cheap imports, prevent dumping practices, or create a level playing field for domestic producers. By making imports more expensive, tariff walls aim to discourage foreign competition and enable local industries to thrive. This protectionist measure is usually undertaken when a country perceives that its domestic industries are at risk due to unfair competition or inadequate technological development.
Tariff walls can have several effects on the economy. On one hand, they can protect domestic industries, ensure employment opportunities, and contribute to economic growth. On the other hand, they can also reduce consumer choice, increase prices for imported goods, and potentially harm international trade relations.
Tariff walls have been implemented by numerous countries throughout history and are often subject to negotiation and tariffs reductions in international trade agreements. The decision to implement or remove a tariff wall requires careful consideration of its potential impact on the economy as well as the broader political and diplomatic implications.
Common Misspellings for TARIFF WALL
- rariff wall
- fariff wall
- gariff wall
- yariff wall
- 6ariff wall
- 5ariff wall
- tzriff wall
- tsriff wall
- twriff wall
- tqriff wall
- taeiff wall
- tadiff wall
- tafiff wall
- tatiff wall
- ta5iff wall
- ta4iff wall
- taruff wall
- tarjff wall
- tarkff wall
- taroff wall
Etymology of TARIFF WALL
The term "tariff wall" has its etymology rooted in the concept of tariffs, which are taxes or duties on imported or exported goods. The word "tariff" is derived from the Italian word "tariffa", which originally referred to a list or schedule of prices or charges. It was later adapted into English as "tariff" around the 16th century.
The word "wall" in "tariff wall" is used metaphorically, indicating a protective barrier. In the context of international trade, a tariff wall represents a protective barrier created by imposing high tariffs or duties on imports to shield domestic industries and promote local production. The term likely originated in the early 20th century when various countries implemented high tariffs to safeguard their industries from foreign competition. The concept of a "tariff wall" signifies a formidable barrier or protection against foreign goods.
Infographic
Add the infographic to your website:
