GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -Tariffs are paid by domestic consumers and not the exporting country, but they have the effect of raising the relative prices of imported products. Other trade barriers include quotas, licenses, and standardization, all seeking to make foreign goods more expensive or available in a limited supply.