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What are Tariffs?
Tariffs are taxes imposed on imported goods to protect domestic industries, generate revenue, and regulate trade.
Types of Tariffs
Ad valorem, specific, and compound tariffs are the most common forms used by countries to regulate imports.
Tariffs and Global Trade
Tariffs can lead to trade wars and retaliatory measures, impacting global supply chains and international partnerships.
How Tariffs Affect Prices
Tariffs affect prices primarily by increasing the cost of imported goods. When a country imposes a tariff on foreign products, those goods become more expensive, and this price increase is typically passed on to consumers. For example, a 10% tariff on imported electronics means consumers will pay more for those products. Additionally, tariffs can indirectly raise the price of domestically produced goods. As foreign goods become more expensive, local producers may take the opportunity to raise their prices as well, knowing that consumers have fewer affordable alternatives.
Free Trade Agreements
FTAs help reduce or eliminate tariffs between participating countries, fostering economic growth and trade.
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