Question

What is the difference between a protective tariff and a revenue tariff? Which was the Tariff of 1816?

Answer 1

Answer:

The answer is below

Explanation:

The difference between a revenue tariff and a protective tariff.

1. A Revenue Tariff is a form of tariff that is purposely made to generate capital or money for the government, which will then be utilized to conduct the affairs or activities of the government.

On the other hand, a Protective Tariff is a form of tariff that is specifically made to protect the internally or locally made products from the imported or foreign-made products that are in direct competition. This is done by artificially increasing the price of importation.

2. Tariff of 1816 is a tariff that is a protective tariff that is deliberately made by the United States Congress to protect the locally made goods in the United States against foreign-made goods that compete. It is otherwise referred to as Dallas Tariff.