A country that imposes a tariff on imported goods is most likely to experience which benefit; "goods produced by domestic companies will be cheaper than competing imports."
What is imported goods?
An import is a product or service purchased in one country but manufactured in another. International trade is made up of imports and exports.
Some key features regarding the import are-
- A country has a negative trade balance, also known as a trade deficit, when the value of its imports exceeds than value of its exports.
- An import would be a service or product manufactured elsewhere that is purchased in your native nation.
- Imported goods and services are appealing when indigenous industries are unable to produce comparable goods and services inexpensively or efficiently.
- Tariff schedules and free trade agreements frequently influence which items and resources are less costly to import.
- Economists and policy specialists disagree on the benefits and drawbacks of imports.
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