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What is a tariff?

A tariff is a form of tax imposed on imported goods or services. Tariffs are a common element in international trading. The primary goals of imposing

What is a tariff in international trade?

What is a Tariff? A tariff is a form of tax imposed on imported goods or services. Tariffs are a common element in international trade The primary reasons for imposing tariffs include (1) the reduction in the importation of goods and services by increasing their prices and (2) the protection of domestic producers.

What is the difference between a tax and a tariff?

Tariff, tax levied upon goods as they cross national boundaries, usually by the government of the importing country. The words ‘tariff,’ ‘duty,’ and ‘customs’ can be used interchangeably. Tariffs may be levied either to raise revenue or to protect domestic industries.

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