protective tariff

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Definition

A protective tariff is a type of tax that a government places on imported goods. The main purpose of this tax is to make foreign products more expensive so that people will buy more goods made in their own country, helping local businesses.

Usage Instructions

• Part of Speech: Noun
• When to Use: You can use "protective tariff" when discussing trade policies, economics, or business. It’s often used in contexts where countries are trying to support their own industries against competition from abroad.

Example

• "To support local farmers, the government introduced a protective tariff on imported fruits and vegetables."

Advanced Usage

In discussions about international trade, you might hear phrases like: - "The protective tariff was implemented to safeguard the domestic steel industry." - "Critics argue that protective tariffs can lead to trade wars between countries."

Word Variants

• Tariff: This is a broader term that refers to any tax on goods that are imported or exported.
• Protectionism: This is the policy of protecting domestic industries from foreign competition, often through tariffs and other regulations.

Different Meanings

While "protective tariff" specifically refers to tariffs for protection of local industries, the word "tariff" alone can also refer to any kind of pricing structure for services or utilities, like electricity or water.

Synonyms

• Import tax
• Customs duty
• Trade barrier

Idioms and Phrasal Verbs

While "protective tariff" does not have widely recognized idioms or phrasal verbs specifically associated with it, you might encounter phrases related to trade and protectionism: - "Level the playing field": This means to make competition fairer, often used in the context of tariffs and trade regulations. - "Put up barriers": Refers to actions taken to restrict trade, such as implementing tariffs.

Summary

In summary, a protective tariff is a tax on imported goods aimed at helping local businesses by making foreign products more expensive.

Academic

Noun

1. a tariff imposed to protect domestic firms from import competition