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26 February, 08:07

Which type of goods, domestic or imported, becomes more expensive as a result of tariffs?

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  1. 26 February, 11:48
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    Tariffs are tax on imports and exports. Tariffs are levied by governments. They are often collected on certain items only. They are often imposed on foreign imports so the state can protect domestic producers. However, tariffs do stifle competition by making imported goods more expensive, so adds burden to consumers. It is often viewed as having a negative effect on the importing country.
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