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 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-3: -The English term tariff derives from the French: tarif, lit. ‘set price’ which is itself a descendant of the Italian: tariffa, lit. ‘mandated price; schedule of taxes and customs’ which derives from Medieval Latin: tariffe, lit. ‘set price’.

Detailed explanation-4: -ˈta-rəf. Synonyms of tariff. : a schedule of duties imposed by a government on imported or in some countries exported goods. : a duty or rate of duty imposed in such a schedule.

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.