What are the benefits of tariffs and trade barriers|Quick homework help

A) What are the benefits of tariffs and trade barriers?  What purposes do they serve?

B) What are the drawbacks of tariffs and trade barriers?

Minimum 200 words

What is a specific tariff?

What is an ad valorem tariff?

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SOLUTION

Tariffs and trade barriers can have both positive and negative effects on a country’s economy. Some benefits include:

1. Protection of domestic industries: Tariffs can protect domestic industries from foreign competition by making imported goods more expensive. This can help domestic companies maintain a competitive advantage and prevent them from going out of business.
2. Revenue generation: Tariffs can generate revenue for the government through the collection of duties on imported goods.
3. National security: Tariffs and trade barriers can be used as a tool for national security, to ensure that strategic industries and resources are protected from foreign competition.
4. Encouraging fair trade: Tariffs can be used to level the playing field for domestic companies and workers by imposing penalties on countries that engage in unfair trade practices, such as currency manipulation or labor violations.

However, tariffs and trade barriers can also have negative effects on the economy, such as:

1. Higher consumer prices: Tariffs make imported goods more expensive, which can lead to higher prices for consumers.
2. Reduced trade and economic growth: Tariffs and trade barriers can reduce trade and economic growth by making it more difficult and expensive for companies to do business with other countries.
3. Retaliation: Other countries may respond to tariffs and trade barriers by imposing their own tariffs, leading to a trade war.