WORLD HISTORY

Detailed explanation-1: -What is a Tariff? 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. Types of Tariff.

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: -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-4: -A tariff is a tax on imported goods. Despite what the President says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country.

Detailed explanation-5: -What is a trade tariff? It’s a customs duty, or tax, on imported merchandise. For example, if a store owner is importing shoes, a tariff collected by her government might add to the price she has to pay for them.