The World Trade Organization and the World Bank collect data on import tariffs. Examining tariffs is often tricky because of the various products and relationships subject to the various tariffs. Moreover, there is typically a discrepancy between the bound or published rates and the actual prices.

The World Bank's "weighted mean applied tariff" numbers, which consider the number of imports from various partners, are used to determine the following tariff rankings for 2022. However, it is crucial to note that credible information is unavailable for dozens of nations, and the last recorded data for several is before 2020.

Bermuda

For much of the period between 2007 and 2017, Bermuda's weighted mean tariff stayed around 20%. However, after jumping to 103% in 2019, it has now settled at its current level of 24. Tariffs in Bermuda are based on the HCDS. Food products charge between 5% and 15%, whereas the average rate for commodities is 22%. Tariffs on automobiles range from 75% to 150%, depending on their cost.

Belize

Half of all tax and tariff receipts for the government of Belize are processed by the Customs and Excise Department. The tariff schedule is based on the Common External Tariff of the Caribbean Community. Tariffs might range from 0% to 45%, depending on the item in question. Food and medicine are exempt from tariffs, whereas autos, yachts, and live animals are subject to duties of up to 45%.

Gabon

Situated on the western coast of Africa, this Francophone nation has a moderate economy. However, unemployment and poverty remain high despite a large trade surplus of $2.79bn and stable GDP growth since the turn of the millennium due to its abundant crude oil reserves and forest resources.

Trading between the member countries of the Central African Economic and Monetary Community, of which Gabon is a part, is tax-free, even though bilateral commerce between the member countries is highly infrequent.

Chad

Again because of the imposition of heavy taxes on imports from outside the alliance, the landlocked Central African nation is a member of CEMAC. Chad's trade imbalance in recent years has reached $630m, even though trade accounts for 68% of GDP.

The United States purchases more than half of Chad's exports, most of which are oil and agricultural products. Tariffs start at 5% for staples like rice and wheat and rise to 30% for more luxury items like canned food and gadgets.

The Central African Republic

The central African Republic, the third member of the CEMAC group, is one of the world's poorest nations. The country's GDP plummeted in 2013 due to the ongoing civil conflict, and the government and its inhabitants now rely heavily on international help.

Diamonds, gold, and uranium are some precious metals and minerals that may be found in the Central African Republic. However, smuggling is rampant, and a sizable portion of the country's exports wind up in the hands of black marketeers.

The country also exports crops like coffee, cotton, and tobacco. Still, despite its resources, it buys roughly twice as much as it sells abroad—the Central African Republic (CAR) imports much food and mining equipment like its other CEMAC members.

Free Trade vs. Tariffs

In 1776, when Adam Smith released The Wealth of Nations, import taxes and quotas were essentially used to define international commerce. Thanks to his persuasion, economists have come to agree that removing obstacles to trade boosts productivity and stimulates growth.

Tariffs fell globally in the second half of the twentieth century due to widespread agreement among Western economists. Even the most market-oriented nations have a plethora of tariffs in place.

And tariffs aren't the only trade barrier type; others include exchange controls, subsidies, fair trade regulations, local-content requirements, and limits on imports and exports.

What Impact Do High U.S. Tariffs Have on Imported Goods?

Import costs in the United States rise due to high tariffs. This causes the final selling price to be more expensive for customers. Consumers can purchase domestically produced alternatives, which are often more reasonably priced.

Are There Any Countries Without Tariffs?

Indeed, tariffs are not used by many nations. Tariffs are not a flat rate applied to all items but are levied on a case-by-case basis. According to the World Bank's weighted mean report on tariffs, Hong Kong, Macau, Sudan, and Brunei Darussalam are among the nations with no tariffs.

Summary

Tariffs are enacted to shield domestic industries from cheap imports from other countries. This strategy is typical in developing nations when industries are still in their early stages of development. On the other hand, tariffs hinder international commerce and drive up domestic costs for consumers. Several nations and regions have lowered trade barriers worldwide by agreeing to eliminate or significantly lower tariffs.