Tariffs tax products imported from another nation. To earn income and, in many cases, to safeguard native sectors from foreign rivals who may undercut domestic pricing, nations impose tariffs on products imported from other countries.
Tariffs may be imposed on all imports or, more often in contemporary times, on certain key commodities such as oil. Tariffs are normally levied as a percentage of the value of imported products.
Great Britain has traditionally had high tariffs, as high as 50 percent in the 18th century, but they started to decline over the 19th century as British industries became more specialized. This allowed the country to compete more effectively with its economic competitors.
To safeguard new sectors, the United States has had high tariffs for most of its history but has had lower tariffs in recent years.
The economic growth impacts of tariffs may be unevenly distributed, and certain sectors might be disproportionately adversely affected by decreased tariffs, as economists generally assume.
Tariff reductions or eliminations have been reached on a wide range of goods through free trade agreements, including the United States-Mexico-Canada Agreement (USMCA), which will go into effect on June 1, 2020, and also the European Free Trade Association (EFTA), which includes EU member states plus Iceland, Liechtenstein, and Norway.
Also See: Inflation Rate by Country 2022
The island states of Palau (34.6 percent), Solomon Islands (30.3 percent), and Bermuda now have the world’s highest tariff rates (measured as a weighted average across all commodities) (27.6 percent). At 1.6 percent, the United States’ tariff rate is among the lowest globally, whereas the worldwide average is 2.6 percent.
country | 2022 Population |
---|---|
Vatican City | 0.7990 |
Tokelau | 1.3780 |
Niue | 1.6220 |
Falkland Islands | 3.5390 |
Montserrat | 4.9650 |
Saint Pierre and Miquelon | 5.7590 |
Saint Barthelemy | 9.9450 |
Nauru | 10.9030 |
Wallis and Futuna | 10.9820 |
Tuvalu | 12.0660 |
Anguilla | 15.2300 |
Cook Islands | 17.5710 |
Palau | 18.2330 |
British Virgin Islands | 30.5960 |
Gibraltar | 33.7040 |
San Marino | 34.0850 |
Liechtenstein | 38.3870 |
Saint Martin | 39.7300 |
Turks and Caicos Islands | 39.7410 |
Monaco | 39.7830 |
Sint Maarten | 43.9660 |
Faroe Islands | 49.2330 |
Saint Kitts and Nevis | 53.8710 |
American Samoa | 55.0300 |
Greenland | 56.9730 |
Northern Mariana Islands | 58.2690 |
Marshall Islands | 60.0570 |
Bermuda | 61.9390 |
Cayman Islands | 67.2770 |
Dominica | 72.3440 |
Andorra | 77.4630 |
Isle of Man | 85.7320 |
Seychelles | 99.4260 |
Antigua and Barbuda | 99.5090 |
United States Virgin Islands | 103.9710 |
Aruba | 107.6090 |
Tonga | 107.7490 |
Saint Vincent and the Grenadines | 111.5510 |
Grenada | 113.4750 |
Micronesia | 117.4890 |
Kiribati | 123.4190 |
Curacao | 165.5290 |
Guam | 171.5190 |
Saint Lucia | 185.1130 |
Samoa | 202.2390 |
Sao Tome and Principe | 227.6790 |
French Polynesia | 284.1640 |
Mayotte | 286.2590 |
Barbados | 288.0230 |
New Caledonia | 290.9150 |
French Guiana | 314.1690 |
Vanuatu | 321.8320 |
Iceland | 345.3930 |
Martinique | 374.0870 |
Guadeloupe | 399.7940 |
Bahamas | 400.5160 |
Belize | 412.1900 |
Malta | 444.0330 |
Brunei | 445.4310 |
Maldives | 540.9850 |
Cape Verde | 567.6780 |
Suriname | 596.8310 |
Western Sahara | 626.1610 |
Montenegro | 627.9500 |
Luxembourg | 642.3710 |
Macau | 667.4900 |
Solomon Islands | 721.1590 |
Bhutan | 787.9410 |
Guyana | 794.0450 |
Comoros | 907.4190 |
Reunion | 908.0610 |
Fiji | 909.4660 |
Djibouti | 1016.0970 |
Eswatini | 1184.8170 |
Cyprus | 1223.3870 |
Mauritius | 1274.7270 |
Estonia | 1321.9100 |
Timor-Leste | 1369.4290 |
Trinidad and Tobago | 1406.5850 |
Equatorial Guinea | 1496.6620 |
Bahrain | 1783.9830 |
Latvia | 1848.8370 |
Guinea-Bissau | 2063.3670 |
Slovenia | 2078.0340 |
North Macedonia | 2081.3040 |
Lesotho | 2175.6990 |
Gabon | 2331.5330 |
Botswana | 2441.1620 |
Gambia | 2558.4820 |
Namibia | 2633.8740 |
Lithuania | 2661.7080 |
Puerto Rico | 2829.8120 |
Albania | 2866.3740 |
Armenia | 2971.9660 |
Qatar | 2979.9150 |
Jamaica | 2985.0940 |
Bosnia and Herzegovina | 3249.3170 |
Mongolia | 3378.0780 |
Uruguay | 3496.0160 |
Eritrea | 3662.2440 |
Georgia | 3968.7380 |
Moldova | 4013.1710 |
Croatia | 4059.2860 |
Kuwait | 4380.3260 |
Panama | 4446.9640 |
New Zealand | 4898.2030 |
Mauritania | 4901.9810 |
Central African Republic | 5016.6780 |
Ireland | 5020.1990 |
Costa Rica | 5182.3540 |
Liberia | 5305.1170 |
Oman | 5323.9930 |
Palestine | 5345.5410 |
Slovakia | 5460.1930 |
Norway | 5511.3700 |
Finland | 5554.9600 |
Republic of the Congo | 5797.8050 |
Denmark | 5834.9500 |
Singapore | 5943.5460 |
Turkmenistan | 6201.9430 |
El Salvador | 6550.3890 |
Lebanon | 6684.8490 |
Kyrgyzstan | 6728.2710 |
Nicaragua | 6779.1000 |
Bulgaria | 6844.5970 |
Libya | 7040.7450 |
Paraguay | 7305.8430 |
Laos | 7481.0230 |
Hong Kong | 7604.2990 |
Sierra Leone | 8306.4360 |
Serbia | 8653.0160 |
Togo | 8680.8370 |
Switzerland | 8773.6370 |
Israel | 8922.8920 |
Austria | 9066.7100 |
Papua New Guinea | 9292.1690 |
Belarus | 9432.8000 |
Hungary | 9606.2590 |
Tajikistan | 9957.4640 |
United Arab Emirates | 10081.7850 |
Portugal | 10140.5700 |
Sweden | 10218.9710 |
Honduras | 10221.2470 |
Azerbaijan | 10300.2050 |
Jordan | 10300.8690 |
Greece | 10316.6370 |
Czech Republic | 10736.7840 |
Dominican Republic | 11056.3700 |
Cuba | 11305.6520 |
South Sudan | 11618.5110 |
Belgium | 11668.2780 |
Haiti | 11680.2830 |
Bolivia | 11992.6560 |
Tunisia | 12046.6560 |
Burundi | 12624.8400 |
Benin | 12784.7260 |
Rwanda | 13600.4640 |
Guinea | 13865.6910 |
Zimbabwe | 15331.4280 |
Somalia | 16841.7950 |
Cambodia | 17168.6390 |
Netherlands | 17211.4470 |
Chad | 17413.5800 |
Senegal | 17653.6710 |
Ecuador | 18113.3610 |
Guatemala | 18584.0390 |
Romania | 19031.3350 |
Kazakhstan | 19205.0430 |
Chile | 19250.1950 |
Syria | 19364.8090 |
Zambia | 19470.2340 |
Malawi | 20180.8390 |
Mali | 21473.7640 |
Sri Lanka | 21575.8420 |
Burkina Faso | 22102.8380 |
Taiwan | 23888.5950 |
North Korea | 25990.6790 |
Australia | 26068.7920 |
Niger | 26083.6600 |
Ivory Coast | 27742.2980 |
Cameroon | 27911.5480 |
Madagascar | 29178.0770 |
Venezuela | 29266.9910 |
Nepal | 30225.5820 |
Yemen | 31154.8670 |
Ghana | 32395.4500 |
Mozambique | 33089.4610 |
Malaysia | 33181.0720 |
Peru | 33684.2080 |
Uzbekistan | 34382.0840 |
Angola | 35027.3430 |
Saudi Arabia | 35844.9090 |
Poland | 37739.7850 |
Morocco | 37772.7560 |
Canada | 38388.4190 |
Afghanistan | 40754.3880 |
Iraq | 42164.9650 |
Ukraine | 43192.1220 |
Algeria | 45350.1480 |
Sudan | 45992.0200 |
Argentina | 46010.2340 |
Spain | 46719.1420 |
Uganda | 48432.8630 |
South Korea | 51329.8990 |
Colombia | 51512.7620 |
Myanmar | 55227.1430 |
Kenya | 56215.2210 |
Italy | 60262.7700 |
South Africa | 60756.1350 |
Tanzania | 63298.5500 |
France | 65584.5180 |
United Kingdom | 68497.9070 |
Thailand | 70078.2030 |
Germany | 83883.5960 |
Turkey | 85561.9760 |
Iran | 86022.8370 |
DR Congo | 95240.7920 |
Vietnam | 98953.5410 |
Egypt | 106156.6920 |
Philippines | 112508.9940 |
Ethiopia | 120812.6980 |
Japan | 125584.8380 |
Mexico | 131562.7720 |
Russia | 145805.9470 |
Bangladesh | 167885.6890 |
Brazil | 215353.5930 |
Nigeria | 216746.9340 |
Pakistan | 229488.9940 |
Indonesia | 279134.5050 |
United States | 334805.2690 |
India | 1406631.7760 |
China | 1448471.4000 |