USA HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -Tariffs are a tax on imports paid by importing companies in the country that imposed the tax. The cost is usually passed on to consumers. Tariffs are meant to protect domestic industries by raising prices on their competitors’ products.

Detailed explanation-3: -How do tariffs affect you? If you are a consumer, tariffs affect you because they result in an increase in the price of imported goods. If you are a domestic producer, tariffs can help you by making your goods cheaper compared to international goods, thus helping your business.

Detailed explanation-4: -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. Different tariffs applied on different products by different countries.