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Tariffs are taxes on imports. They effectively raise the prices of those imports, providing an edge to domestic companies in the same markets. Governments usually impose tariffs to help domestic companies, or sometimes to punish foreign competitors for unfair trading practices.
How do tariffs work to protect infant industries? ... They shield new industries in the early stages of their development from the competition of more mature rivals. They raise the trade barriers for imports of child-care products. They increase competition for a new business, forcing it to be more productive.
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Answer:“Traditional” refers to those societies or elements of societies that are small-scale, are derived from indigenous and often ancient cultural practices. “Modern” refers to those practices that relate to the industrial mode of production or the development of large-scale often colonial societies.
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Particularly high tariffs for certain products.
Restrictions on selling to the government of the country.
Import licensing requirements.
Anti-dumping and countervailing duty measures.
Product bans.
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