Examples of tariff-rate quota in the following topics:
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- Quotas are limitations on imported goods, come in an absolute or tariff-rate varieties, and affect supply in the domestic economy.
- There are two main types of import quota: the absolute quota and the tariff-rate quota.
- A tariff-rate quota is a two-tier quota system that combines characteristics of tariffs and quotas.
- Under a tariff-rate quota system, an initial quota of a good is allowed to enter the country at a lower duty rate.
- For example, under a tariff-rate quota system, a country may allow 50 million pens to be imported at the low tariff rate of $1 each.
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- Tariffs also tend to be anti-poor, with low rates for raw commodities and high rates for labor-intensive processed goods.
- In general, for a given level of protection, quota-like restrictions carry a greater potential for reducing welfare than do tariffs.
- Tariffs, quotas, and non-tariff barriers lead too few of the economy's resources being used to produce tradeable goods.
- In contrast to tariffs, export subsidies lead to an over allocation of the economy's resources to the production of tradeable goods.
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- Government can promote free trade by reducing tariffs, quotas, and non-tariff barriers.
- Free trade is a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports), subsidies (to exports), or quotas.
- Tariffs and quotas are explicit government policies that are designed to protect domestic producers, even if they are not the most efficient producers .
- In addition to tariffs and quotas, there are a number of other barriers to free trade that countries use.
- NTBs act just like tariffs and quotas in that they are barriers to free trade.
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- They are more common than export tariffs.
- Revenue tariffs: Tariffs levied in order to raise revenue for the government.
- Specific tariffs: Tariffs that levy a flat rate on each item that is imported.
- Ad valorem tariffs: Tariffs based on a percentage of the value of each item.
- Compound tariffs: Tariffs that are a combination of specific tariffs and ad valorem tariffs.
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- Pests and diseases are a significant threat to yield rates and must be closely observed and regulated.
- International Trading Environment: Global agricultural trade is a complex issue, with quality control, pricing (dumping), and import/export tariffs.
- Import Quotas: Policy makers often implement quotas in agriculture to retain more control over prices and protect domestic incumbents.
- Quotas, like other forms of trade protection, benefit the local industry.
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- The Tariff Act taxed all imports at rates from 5 to 15 percent.
- These rates were primarily designed to generate revenue to pay for the federal government's activities and the debts accumulated by the federal and state governments during the Revolutionary War.
- Nearly every northern Congressman was eager to adopt a higher tariff rate for his local industry.
- Rates were especially high for bolts of cloth and for bar iron, of which Britain was a low-cost producer.
- On July 14, 1832, President Andrew Jackson signed into law the Tariff of 1832, which made some reductions in tariff rates.
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- Tariffs also tend to be anti-poor, with low rates for raw commodities and high rates for labor-intensive processed goods.
- Protection of import-competing industries with tariffs, quotas, and non-tariff barriers can lead to an over-allocation of the nation's scarce resources in the protected sectors and an under-allocation of resources in the unprotected tradeable goods industries.
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- In 1908 Republicans promised to lower unpopular tariffs on U.S. imports, but the Payne-Aldrich Tariff Act further divided Republicans.
- For instance, the Wilson-Gorman Tariff Act of 1894 did lower overall rates, but contained so many concessions to protectionism that Cleveland refused to sign it.
- Promising protection and prosperity to every economic sector, McKinley won and the Republicans rushed through the Dingley tariff in 1897, boosting rates again, while Democrats continued to argue that high rates enabled trusts to operate and led to higher consumer prices.
- In the end, Congress adopted the Payne-Aldrich Tariff, which lowered 650 tariffs, raised 220 tariffs, and left 1,150 tariffs untouched.
- Describe the role of tariffs in mid- and late-19th century politics
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- Some believe that NAFTA has been positive for Mexico, which has seen its poverty rates fall and real income rise.
- The implementation of NAFTA immediately eliminated tariffs on more than one-half of Mexico's exports to the US and more than one-third of US. exports to Mexico.
- NAFTA also seeks to eliminate non-tariff trade barriers and to protect the intellectual property right of the products.
- The agreement opened the door for free trade, ending tariffs on various goods and services, and implementing equality between Canada, the US and Mexico.
- The Canada–US agreement contains significant restrictions and tariff quotas on agricultural products, whereas the Mexico–US pact allows for a wider liberalization within a framework of phase-out periods.
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- The disastrous 2008 economic collapse via the clear-cut abuses by the banks, and the resulting drop in employment rates, has created an incredibly tangible social and political agenda to bring production back to domestic jobs from overseas.
- These subsidies are essentially grants or tax breaks for companies operating domestically and creating jobs, driving up employment rates via protectionist strategies.
- Import Quotas: This is the act of limiting the number of a certain good that can be purchasing from a given country, ensuring that domestic producers maintain a portion of the market share.
- Tariffs: Tariffs are fairly straight-forward, essentially taxes to bring goods into a given country.
- One of the pitfalls of tariffs is the likelihood of retaliation, where the foreign government returns with similar tariffs.