Scientific Tariff

Summary of Scientific Tariff

A concept in which duties would fluctuate and be levied on an item-by-item, shipment-by-shipment basis, so as to equalize the cost of imports and their domestic counterparts. The object of this plan is to put imported and domestic products on an equally competitive basis. To do so, however, would be to eliminate the comparative advantages that are the basis of international trade.

(Main Author: William J. Miller)