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Answer:
Tariffs are used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers. There are two types of tariffs: A specific tariff is levied as a fixed fee based on the type of item, such as a $1,000 tariff on a car.
Explanation:
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Tariffs are the way for governments to protect domestic businesses. Tariffs increased the import goods prices and made cheaper domestic goods.
What do you mean by tariffs?
Tariffs refer to the type of tax imposed by a country on imported goods. Tariffs are a tool for governments to collect revenues but to protect the domestic producers.
Tariffs increased the prices of the imports and tariffs are duties on imports.
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