Definitions
- Referring to a tax or duty imposed on imported or exported goods. - Talking about a list of taxes or duties imposed on specific goods or services. - Describing a system of taxes or duties imposed by a government on foreign trade.
- Referring to a tax or fee imposed on imported or exported goods. - Talking about a responsibility or obligation to do something. - Describing a task or job that one is required to perform.
List of Similarities
- 1Both refer to taxes or fees imposed on imported or exported goods.
- 2Both are forms of revenue for governments.
- 3Both can affect the price and availability of goods in a market.
- 4Both can be used to protect domestic industries from foreign competition.
- 5Both can be subject to negotiation or dispute in international trade agreements.
What is the difference?
- 1Scope: Tariff refers specifically to taxes or duties on foreign trade, while duty can also refer to taxes or fees on domestic goods or services.
- 2Purpose: Tariff is primarily used to regulate trade and protect domestic industries, while duty can have various purposes, such as raising revenue or enforcing regulations.
- 3Imposition: Tariff is typically imposed by a government or regulatory body, while duty can be imposed by various entities, such as a company or an individual.
- 4Usage: Tariff is more commonly used in the context of international trade, while duty can be used in various contexts, such as legal, moral, or personal obligations.
- 5Connotation: Tariff can have a negative connotation, as it is often associated with protectionism and trade wars, while duty can have a positive connotation, as it implies responsibility and obligation.
Remember this!
Tariff and duty are both terms used to describe taxes or fees imposed on imported or exported goods. However, tariff is more specific to foreign trade and is primarily used to regulate trade and protect domestic industries. On the other hand, duty has a broader scope and can refer to various types of taxes or fees, as well as responsibilities or obligations.
