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Smart Countries Are Reducing Tariffs

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Switzerland is the world’s second-most-prosperous country in gross terms, with a GDP/capita of $82,950 in 2018 — about 30 percent higher than U.S. per-capita output. Only tiny Luxembourg exceeds it, as the IMF runs the numbers.

Switzerland has a very capitalistic, free-trade economy — only Hong Kong, Singapore, and New Zealand outrank it on the Heritage Foundation’s Economic-Freedom Index. But Switzerland does maintain some modest tariffs on imports. (Switzerland has relatively low taxes, but there are lots of them, including a very small wealth tax, the Swiss being one of the few nations that have figured out how to effectively administer one.) And it is getting rid of a lot of those tariffs, because they are a burdensome tax on Swiss people, who already pay very high prices in general. From Bloomberg:

Switzerland is pressing ahead with plans to eliminate import tariffs on industrial goods, a bid to combat the country’s high........

© National Review