USA HISTORY

Detailed explanation-1: -Import tariffs are taxes charged by the customs authority on the importation of goods into a country. Usually, the value of the imported goods determines the amount that will be levied on them. In some context, import tariffs also means import duties, customs duties, tariffs or import tax.

Detailed explanation-2: -The United States currently has a trade-weighted average import tariff rate of 2.0 percent on industrial goods.

Detailed explanation-3: -The three types of tariff are Most Favored Nation (MFN), Preferential and Bound Tariff.

Detailed explanation-4: -Tariffs have long been used to prop up homegrown industries by inducing citizens to buy goods produced domestically. Since the end of World War II, however, tariffs have largely fallen out of favor in developed economies because they often lead to reduced trade, higher prices for consumers, and retaliation from abroad.