Tariff Convention fixes duties at 5%
Labels: Tariff ConventionIn June 1866, Japan and several Western treaty powers signed a tariff convention that standardized most import and export duties at a low 5% ad valorem (value-based) rate. This limited Japan’s ability to protect new industries with higher tariffs and reduced government revenue from trade. The agreement became an important driver of later Meiji efforts to recover tariff-setting authority as part of treaty revision.