ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A tariff is a type of tax levied by a country on an imported good at the border. Tariffs have historically been a tool for governments to collect revenues, but they are also a way for governments to try to protect domestic producers. As a protectionist tool, a tariff increases the prices of imports.

Detailed explanation-2: -A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value including freight and insurance of imported products.

Detailed explanation-3: -What Is a Tariff? Tariffs are taxes imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers.

Detailed explanation-4: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country.

Detailed explanation-5: -A tariff is a tax levied on an imported good with the intent to limit the volume of foreign imports, protect domestic employment, reduce competition among domestic industries, and increase government revenue.