WORLD HISTORY

Detailed explanation-1: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.

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: -Tariffs are a form of tax applied on imports from other countries. Economists say the costs are largely passed on to consumers. They have historically been used to protect domestic industries, including agriculture and automobiles, as well as to retaliate against other countries’ unfair trade practices.

Detailed explanation-4: -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-5: -Tariffs are taxes charged on the import of goods from foreign countries. While historically tariffs were used as a source of revenue for governments, they are now used mainly to protect domestic industries from foreign competition.