If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account whose aggregate value exceeded $10,000 at any time during 2015, you meet the FBAR filing requirements.
Definition: Tariff War Tariff War usually refers to the war in trade tariffs that countries levy upon each other so as to discourage exports from one another and create trade benefits for self. Tariff Wars are also referred to as âcustoms warâ.
A tariff on manufactured goods, including war industry products, was deemed essential in the interests of national defense. The tariff was approved on April 27, 1816, as a temporary measure, authorized for only three years (until June 1819).Northern efforts to establish permanent protection in 1820, after tensions with Great Britain had eased, provoked a backlash among Southern legislators.he tariff of 1816 supplied comfortable federal surpluses from 1817 to 1819; even with the scheduled reduction in duty rates for 1819, the tariff was expected to provide sufficient revenue. The Panic of 1819 caused an alarming, but temporary drop in the projected federal revenue for 1820.