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That is an excellent question, Fran. While they're very similar (both taxes pertaining to imports), they are different in the means by which they're applied. Tariffs are direct taxes on the imported goods (which is typically handed down to the consumer via a higher price tag). Duties are indirect taxes in the sense that they are imposed on the consumer or imported goods at the point of sale, not necessarily a tax on the good itself. Once again, this is a great question as many people assume they are identical, but they aren't.
Check out our latest Community Poll: ua-cam.com/users/ThinkEconcommunity to weigh in on which videos you'd like to see more of over the summer months! If you DEMAND it, we'll SUPPLY it!
I'm from India and this video helps me a lot.... Thanks dude
Glad to hear it!
Are tarifs and duties the same thing?
That is an excellent question, Fran. While they're very similar (both taxes pertaining to imports), they are different in the means by which they're applied.
Tariffs are direct taxes on the imported goods (which is typically handed down to the consumer via a higher price tag).
Duties are indirect taxes in the sense that they are imposed on the consumer or imported goods at the point of sale, not necessarily a tax on the good itself.
Once again, this is a great question as many people assume they are identical, but they aren't.