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Asked by Shreyansh Last Modified
Answer Tariffs are the tools using which the government discourages foreign Imports. It's the taxes imposed on commodities which are imported from other countries. The major reasoning of the governments behind imposing tariffs is to protect the domestic producers from the global competition along with encouraging domestic production. Tariffs makes foreign commodities relatively expensive in domestic market which in turn helps domestic producers to sell their products in domestic market at relatively affordable prices.
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