Question

Do you think that tariff system should be abolished so imported products can reach broader audience?

Answer 1

Answer:

When a tariff or other price-increasing policy is put in place, the effect is to increase prices and limit the volume of imports. ... The overall effect is a reduction in imports, increased domestic production, and higher consumer prices.

Explanation:

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Answer 2

Answer:

Tariffs are the most common kind of barrier to trade; indeed, one of the purposes of the

WTO is to enable Member countries to negotiate mutual tariff reductions. Before we consider

the legal framework that provides the discipline regarding tariffs, we must understand the

definition of tariffs, their functions, and their component elements (rates, classifications, and

valuations).