A tariff is a tax on an imported product that is designed to limit trade in addition to generating tax revenue. It is a barrier to trade. There also exist quotas, which are quantitative restrictions on imports; other non-tariff barriers, such as product content requirements; and subsidies. By raising the domestic price of imports, a tariff helps domestic producers but hurts domestic consumers.
Quotas and other non-tariff barriers have similar impacts.
A tariff is a tax on an imported product that is
designed to limit trade in addition to generating tax revenue. It is a barrier to trade.
A quota is a quantitative limit on an imported
product.
A trade subsidy to a domestic manufacturer reduces
the domestic cost and limits imports.
Non-tariff barriers, such as product content
requirements, limit the gains from trade.
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