USA HISTORY

Detailed explanation-1: -Understanding Tariffs Tariffs are usually used to protect struggling domestic industries against foreign competition or unfair practices such as dumping and foreign government subsidies. There are two basic types of tariff: an ad valorem tax and a specific tariff.

Detailed explanation-2: -Answer and Explanation: ‘Exports tariffs are used by countries when they believe an export’s price is lower than it should be’ is a true statement. Export tariffs are used when the country wants to limit the sale of domestically produced goods in foreign countries.

Detailed explanation-3: -Countries can protect their domestic industries from exploitation due to cheap imports or bulk imports from foreign countries. Importing countries impose tariffs on such goods, and they can be in the form of anti-dumping duty, safeguard duty, protective duty, countervailing duty, etc.

Detailed explanation-4: -Protective tariffs are tariffs that are enacted with the aim of protecting a domestic industry. They aim to make imported goods cost more than equivalent goods produced domestically, thereby causing sales of domestically produced goods to rise, supporting local industry.