Ask Question
29 October, 15:05

How do tariffs restrict trade and protect domestic industries?

+1
Answers (2)
  1. 29 October, 15:40
    0
    Tariffs are essentially taxes or duties placed on an imported good or service by a domestic government, making domestic goods cheaper for domestic consumers and imported goods more expensive for companies exporting goods from their industry into the domestic industry.
  2. 29 October, 15:42
    0
    The cost of tariffs to the economy is not trivial. the World Bank estimates that if all barriers to trade such as tariffs were eliminated, the global economy would expand by 830 billion dollars by 2015.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “How do tariffs restrict trade and protect domestic industries? ...” in 📘 Social Studies if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers