USA HISTORY

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 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: -Tariffs are taxes imposed on the imports by a country for providing protection to its domestic industries.

Detailed explanation-4: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.

Detailed explanation-5: -A specific tariff is levied as a fixed fee based on the type of item, such as a $500 tariff on a car. An ad-valorem tariff is levied based on the item’s value, such as 5% of an import’s value.