Otto von Bismarck speech answers - A Tariff is a tax that...

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A Tariff is a tax that is levied by governments on the value including insurance of imported products and freights. Different tariffs are applied to many different products depending on countries. Local taxes and National sales and in some cases customs fees will be charged in the accumulation of the tariff. Tariffs have both negative and positive impact on domestic labor. But according to studies and my believe, tariffs do more harm than good. But yet the gains from a tariff are clearly seen, and it’s visible but the costs are concealed and hidden. In-fact, tariff or the additional tax on imported goods can easily discourage businesses and foreign countries from trying to sell or import products in a foreign country. This is because, these taxes make the foreign import either too expensive or not closely as competitive as it would be if tariff did not exist at all. This can result to fewer choices of goods and a lower or smaller quality for the consumers. Domestic producers gain or benefit by ultimately facing reduced completion in their

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