GENERAL KNOWLEDGE

Detailed explanation-1: -A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.

Detailed explanation-2: -A tariff is a tax imposed on foreign-made goods, paid by the importing business to its home country’s government. The most common kind of tariffs are ad valorem, which are levied as a fixed percentage of the value of the imports.

Detailed explanation-3: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country.

Detailed explanation-4: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs. A specific tariff is a tax imposed directly onto one imported good and does not depend on the value of that imported good.