WORLD HISTORY

Detailed explanation-1: -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.

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. Different tariffs applied on different products by different countries.

Detailed explanation-3: -Protective Tariff Examples For example, if a Japan-made wheelbarrow costs $50 in the US, and a locally produced wheelbarrow is also priced the same, protective tariffs are implemented on the imported Japanese wheelbarrows to force a price increase.

Detailed explanation-4: -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.