Question

Why do we tax imported goods?

Answer 1

Import tariffs serve two unique purposes: to increase local government revenue and to offer domestically sourced or grown items a competitive advantage on the market.

A third linked objective is to occasionally punish a certain country by levying hefty import taxes on its goods.

Who stands to gain from import tariffs?

Since they are the ones who devise the law and receive the funding, the importing nations benefit the most from tariffs. The main advantage of levies is that they generate income from imported products and services. Customs duties are sometimes used as a starting point for discussions among two nations.

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