{"id":12152,"date":"2023-10-17T01:52:01","date_gmt":"2023-10-17T00:52:01","guid":{"rendered":"https:\/\/www.agriculturelore.com\/?p=12152"},"modified":"2023-10-17T01:52:01","modified_gmt":"2023-10-17T00:52:01","slug":"what-tarrifs-were-placed-on-foreign-agriculture","status":"publish","type":"post","link":"https:\/\/www.agriculturelore.com\/what-tarrifs-were-placed-on-foreign-agriculture\/","title":{"rendered":"What Tarrifs Were Placed On Foreign Agriculture"},"content":{"rendered":"
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In the early 21st century, tariffs were placed on foreign agriculture in order to protect domestic markets from less-expensive worldwide competition. Tariff levels varied among nations, and from year to year due to evolving economic interests. Tariffs had a great influence on agricultural production, prices, and commercial markets of each nation.<\/p>\n

Agricultural tariffs took various forms, such as taxes or statistical duties on items entering into a country. Tariffs can also be referred to as ‘ad valorem’, meaning taxes or duties related to the value of imported items. Other tariffs are referred to as ‘specific’, which is a tax or duty based on the volume of the imported item.<\/p>\n

Depending on the products, these tariffs can be either ‘free’, meaning no tariffs at all, or ‘protected’, meaning high taxes or duties applied. When foreign markets become sufficiently competitive, the tariffs may lead to the end of domestic production in the face of the cheaper alternative.<\/p>\n

Though tariffs can be beneficial in protecting domestic production and markets, they do come with some drawbacks. In particular, tariffs on agricultural products often lead to retaliatory actions from other nations, creating a protectionist cycle. This was seen in the late 2000’s when the U.S. put a tariff on imported wheat from other countries. These retaliatory tariffs resulted in a sharp decline in U.S. wheat exports, damaging the U.S. market.<\/p>\n