USA HISTORY

Detailed explanation-1: -A tariff refers to the tax imposed by the government on imported goods from other countries. Tariff is imposed majorly to protect the domestic producers, but the government also imposes tariffs to reduce imports from other countries, thereby promoting the use of domestic products.

Detailed explanation-2: -A tariff is a tax added onto goods imported into a country; protective tariffs are taxes that are intended to increase the cost of an import so it is less competitive against a roughly equivalent domestic good.

Detailed explanation-3: -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-4: -Protective Tariff Examples For example, if a Japan-made wheelbarrow costs $50 in the US, and a locally produced wheelbarrow is also priced the same, protective tariffs are implemented on the imported Japanese wheelbarrows to force a price increase.

Detailed explanation-5: -Protective tariffs are designed to shield domestic production from foreign competition by raising the price of the imported commodity. Revenue tariffs are designed to obtain revenue rather than to restrict imports.