Question

Which of these is most likely the US government’s aim in taxing imported goods? to protect domestic businesses to decrease international trade to end reliance on foreign goods to make US markets less desirable

Answer 1

To protect domestic businesses.

The system of raising tariffs against foreign imports is a classic economic tool adopted by the governments of several countries to protect their domestic industries from closing down.High tariffs against foreign goods discourage citizens from buying them, and that increases the sale of domestically produced American goods, thus increasing profits and production, leading to increasing exports. Increasing tariffs against foreign imports might also have an objective of promoting the locally developed variety of the product that is imported, although there are significant variations in quality between the two.  

Further Explanation-  

Tariffs are usually taxes imposed on the purchase of a product that has been imported from a foreign country. Tariffs are normally imposed on luxury consumer items, and not on necessities. The tariff imposed on these commodities increase their prices, discouraging their number of sales, and leaving the public with an option to purchase cheaper, American made goods. Tariffs are also counted as diplomatic gestures, for example, within an economic confederation of several countries, such as the Commonwealth nations or the European Union, in which member nations have very nominal tariffs or no tariffs on imports of other member nations. Significantly, they impose high tariffs on products imported from non-member states. This is also a diplomatic gesture in the way of initiating hostilities, for example, one country can impose high tariffs against the imported products of the country that has engaged in hostility with it. Tariffs are also used as a protection against foreign companies offering competition to domestic products, to establish new domestic industries and ensure the growth of the economy.

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Answer Details-

Grade- High School

Chapter- Tariffs, custom duties, and economic sanctions.

Subject- Economics.

Additional Remarks- This topic is a part of the chapter of tariffs, taxes, and sanctions which are various economic tools employed by governments of countries to protect their economies.

Answer 2

The correct answer is to protect domestic businesses.

When the US government puts a tax on an imported good (aka a tariff) they are trying to protect American businesses. The US government, when it passes tariffs, believe that the increased price of foreign goods with result in citizens buying goods from American made companies, as they will be similar in price or cheaper. This strategy has been used by the United States since the early 1800's and continues to be used as a means of protecting American businesses.

However, the succeess of these types of tariffs are mixed, as this usually results in a decrease in trade and an overall increase in price for consumer goods.