Import surcharge

Updated: Aug 20, 2021

A temporary increase in import tariffs designed to correct a short-term balance of paymetns deficit and to stabilize the exchange rate. In August 1971 the U.S. government imposed a 10 per cent surcharge on about 50 per cent of imports. It was lifted in December 1971 at the time of the Smithsonian Agreement.

Reference: The Penguin Dictionary of Economics, 3rd edt.

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