tariff

Vocabulary Word

Definition

A 'tariff' is a kind of tax that is applied to products when they are imported into a country. This raises the price of the imported goods and discourages people from buying them.

Examples in Different Contexts

When a company imports electronics from China, they might have to pay a tariff, which increases the cost of the goods.

Practice Scenarios

Logistics

Scenario:

We need to rethink our supply chain options in the wake of the new freight shipping tariffs.

Response:

Completely agree, the rise in tariffs has made overseas shipping expensive. We should consider alternate transport routes too.

Business

Scenario:

Since new regulations were implemented, we'll need to review the impact on our raw material sourcing strategy.

Response:

Agreed, the recent increase in tariffs has made importing raw materials expensive. It's time to explore other markets.