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. Tariffs can be specific or ad valorem.

Detailed explanation-2: -A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.

Detailed explanation-3: -The correct answer is Custom duties. The tax imposed on the import and export of commodities is called Custom duties. This is a form of foreign trade control and a policy that taxes foreign goods to encourage or protect domestic industry.

Detailed explanation-4: -Tariffs are used to restrict imports. Simply put, they increase the price of goods and services purchased from another country, making them less attractive to domestic consumers.

Detailed explanation-5: -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.