Asked by Daniel Klucker on May 20, 2024

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Why do governments implement tariffs?

Tariffs

Taxes imposed by a government on imported goods to protect domestic industries or generate revenue.

Governments

The formal institutions and processes through which public policies are made, implemented, and enforced in a specific territory.

  • Understand the purpose and impact of tariffs and trade policies on international business.
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NH
nidhi hegdeMay 22, 2024
Final Answer :
A tariff, also called a duty, is a tax levied on a good imported into a country. In most cases, tariffs are intended to make imported goods more expensive and thus less competitive with domestic products, which in turn protects domestic industries from foreign competition. In other cases, tariffs might be imposed to penalize another country for trade practices that the home country views as unfair.