Question

What is one of the main economic effects of a tariff increase?

Answer 1

I believe it would be the second choice.

Answer 2

Answer:

Higher prices for consumers.

Explanation:

Tariff increases mean that importation of foreign goods and services becomes more costly, discouraging open competition and promotion of competitiveness of domestic industries and sectors. And consequently, it leads to the consequence that consumer must choose local goods and services of lesser quality and greater prices than those imported.