Define tariff and the different types of tariffs.
Identify and discuss the major nontariff barriers to trade.
Justify the use of trade barriers.
Using a real life example, explain the effects tariffs and other trade barriers have had on social welfare in a
country of your choosing.
Identify any unfair trade practices that have been reported in your chosen country, if any.
Note: Attached here are only guides and references/links to let you complete your 500-word write-up. The rest of your posting (cover page, complete essay write-up, font type, spacing, and format) are already assignment completion request. However, you can write your essay with the help of links and discussions below.
Start you write-up with the statement that "Tariff is a duty or tax imposed on imported and exported products".
Then expand the discussions below:
Generally, there are only two general types of tariff: specific and ad valorem.
MT UVA BMS (2013) gave detailed types of tariff:
1. Specific Duty: Specific duty is based on the physical characteristics of goods. When a fixed sum of money, keeping in view the weight or measurement of a commodity, is levied as tariff, it is known as specific duty.
2. Ad valorem Duty: These duties are imposed "according to value." When a fixed percent of value of a commodity is added as a tariff it is known as ad valorem duty. It ignores the consideration of weight, size or volume of commodity.
3. Combined or Compound Duty: It is a combination of the specific duty and ad valorem duty on a single product.
4. Sliding Scale Duty: The import duties which vary with the prices of commodities are called sliding scale duties. Historically, these duties are confined to agricultural products, as their prices frequently vary, mostly due to natural ...
This is a discussion of tariff and non-tariff trade barriers.