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- Who imposes tariffs on who? Why are they even imposed?
- Tariffs are imposed by the government on to the domestic buyers of the products. They are imposed because of trade protectionism. The nation is trying to control imports while promoting exports, in turn, creating a better economy. Now, can you get my medicine son?
- Ok Father
- Higher tariffs can improve Domestic Employment and help grow infant industries. But, consumers would have to pay more money for products because tariffs are added to the cost of an item. Tariffs are usually higher in one country because one country may value growing internal companies. And another may want to help the consumers by paying less.
- Mother, what are the positive and negative sides of high tariffs. And why are tariffs high wit? one country but not with the other?
- Quotas are another type of Trade Barrier. In quotas, the number of units of imported items is limited. This helps domestic industries because it limits them from buying too many items.
- What is quotas and how that helps domestic industries?
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