WORLD HISTORY

Detailed explanation-1: -The most common barrier to trade is a tariff–a tax on imports. Tariffs raise the price of imported goods relative to domestic goods (good produced at home). Another common barrier to trade is a government subsidy to a particular domestic industry. Subsidies make those goods cheaper to produce than in foreign markets.

Detailed explanation-2: -Tariffs are taxes imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers.

Detailed explanation-3: -Trade barriers take two forms: Tariff barriers-Tariff barriers are taxes imposed by a government on imports or exports of goods. These taxes can be used to increase the cost of imported products, make inputs available to domestic producers at more competitive prices and raise revenues for governments.

Detailed explanation-4: -The main types of trade barriers used by countries seeking a protectionist policy or as a form of retaliatory trade barriers are subsidies, standardization, tariffs, quotas, and licenses.

Detailed explanation-5: -A tariff Barrier is imposed by the government of the country importing goods. It has two-fold objectives, one to increase the government revenue and second, to raise the cost of foreign goods so that domestic companies can compete with the foreign goods.