CURRENT AFFAIRS

Detailed explanation-1: -Retaliatory tariffs increase the price of imports for foreign consumers relative to alternatives that are either domestically produced or available from competing international sources.

Detailed explanation-2: -Recently, the US suspended imposition of retaliatory tariffs against six countries, including India, that had begun imposing digital services tax on companies such as Google and Facebook. Other than India, the countries slapped with this tariff proposal are Austria, Italy, Spain, Turkey, and the United Kingdom.

Detailed explanation-3: -Meaning of retaliatory tariff in English. a tax that a government charges on imports to punish another country for charging tax on its own exports: China responded by saying it would impose retaliatory tariffs on a broad range of US products.

Detailed explanation-4: -The Indian government has consistently raised tariff and non-tariff barriers to protect domestic suppliers across most sectors and to bolster indigenous production.