Question: The distinction is basically that a tariff is imposed on goods or commodities from a specific country or government. A duty is imposed on the
The distinction is basically that a tariff is imposed on goods or commodities from a specific country or government. A duty is imposed on the goods or commodities themselves regardless of where they originated. Both raise the cost of the product to the consumer unless the importer elects to absorb the duty or tariff in its costs - hardly likely. Thus, a tariff rate on electronics from China could be different than the tariff rate from South Korea.
Both tariffs and duties provide revenues for the government and protect local businesses. You may want to note that before 1913 and the creation of the income tax the entire US government was supported by tariffs, duties, and excise taxes. What do you think?
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