tariff
/ˈtærɪf/A tax or duty imposed by a government on imported or exported goods.
The government introduced a new tariff on steel imports to protect domestic industries.
The government introduced a new tariff on steel imports to protect domestic industries.
Trade wars often involve countries imposing retaliatory tariffs on each other's goods.
Trade wars often involve countries imposing retaliatory tariffs on each other's goods.
Tariffs are often used as a tool to control trade, protect domestic industries, or generate revenue.
A schedule or list of prices for services, such as transportation or utilities.
The airline's tariff includes fees for checked baggage and seat selection.
The airline's tariff includes fees for checked baggage and seat selection.
The utility company's tariff outlines the rates for electricity and water usage.
The utility company's tariff outlines the rates for electricity and water usage.
In this context, a tariff is a structured pricing system rather than a tax.
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💡Pro Tip
Context Matters
The meaning of 'tariff' depends heavily on context. In economics, it refers to trade taxes, while in business, it can refer to pricing schedules.
⚡Gold Rule
Trade vs. Pricing
Always clarify whether 'tariff' refers to a tax on trade or a pricing schedule to avoid confusion.
📖Word Origin
From Italian 'tariffa,' meaning a list of prices or charges, derived from the Arabic 'ta'rif,' meaning 'notification' or 'description.'
📝Usage Notes
The term 'tariff' is most commonly used in economic and political contexts to refer to trade taxes. In business, it can also refer to a pricing schedule.