<h2>Tariffs are the duties and/or taxes that the government imposes on imported goods. </h2>
Explanation:
- Tariffs are fixed by the government as the “percentage of the declared value” of the imported good.
- Tariffs on imported goods increase the overall buying price of the imported product which makes it difficult for the consumer to buy.
- When the same type of product is available in the domestic market then the consumer can opt for the domestic product.
- Thus imported goods tariff aids in sales of domestic products and is a great boon for the domestic producer.
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