what was tariff protection ?

1.	what was tariff protection ?
Answer» Protective tariffs are imposed on imported products so as to protect local businesses and the domestic market. As a result of such an imposition, there is growth in domestic consumption and local industries. Under its umbrella, protective tariffs cover charges, taxes and duties that national or state level governments may impose on the foreign products. Tariffs are divided into the following classes:· Specific tariffs· Ad valorem tariffs Other forms of protective tariffs are:· Compensatory duties· Anti-dumping duties· Prohibitive tariffs· Aggressive duties

Answer»

Protective tariffs are imposed on imported products so as to protect local businesses and the domestic market. As a result of such an imposition, there is growth in domestic consumption and local industries. Under its umbrella, protective tariffs cover charges, taxes and duties that national or state level governments may impose on the foreign products.

Tariffs are divided into the following classes:· Specific tariffs· Ad valorem tariffs

Other forms of protective tariffs are:· Compensatory duties· Anti-dumping duties· Prohibitive tariffs· Aggressive duties

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