Question

Why are tariffs and quotas called barriers to trade?

Answer 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 (goods produced at home).

Both tariffs and subsidies raise the price of foreign goods relative to domestic goods, which reduces imports.


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Answer 2

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by the federal government and which raises the price of the good to the consumer.

Also known as duties or import duties, tariffs usually aim first to limit imports and second to raise revenue.


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Answer - By Choudhary21