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Simple English definitions for legal terms
autonomous tariff
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A quick definition of autonomous tariff:
Autonomous tariff: This is a type of tariff that is set by a country on its own, without any agreement or negotiation with other countries. It is a tax on imported goods that is decided by the government of the importing country. This means that the government can decide to increase or decrease the tariff rate without consulting other countries.
A more thorough explanation:
AUTONOMOUS TARIFF
An autonomous tariff is a type of tariff that is set by a country on its own, without any agreement or negotiation with other countries. It is a unilateral decision made by a country to impose a tax on imported goods.
For example, if a country wants to protect its domestic industries from foreign competition, it may decide to impose an autonomous tariff on imported goods. This will make the imported goods more expensive, making it harder for foreign companies to compete with domestic companies.
Another example is when a country wants to raise revenue for its government. It may decide to impose an autonomous tariff on certain goods that are in high demand, such as luxury items or electronics. This will generate revenue for the government, but it may also make these goods more expensive for consumers.
The examples illustrate how a country can use autonomous tariffs to achieve different goals. In the first example, the country is using the tariff to protect its domestic industries from foreign competition. In the second example, the country is using the tariff to raise revenue for its government. Autonomous tariffs can have different effects on the economy, depending on how they are used.