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 is a kind of tax on goods a country imports or exports. If you want to buy a European-made car in the U.S., the price will include tariffs the government adds to the price of imported vehicles. Usually a government imposes a tariff to encourage its own industries and to discourage buying cheaper imports from other countries. If a government wants to protect its own clothing industry, it may add a tariff to imported clothing, to make sure that the imported clothes aren't cheaper than the locally manufactured items. You can control exports, too, by imposing tariffs.