Pros and cons of tariffs

Pros and Cons of Tariffs
Governments have a significant role to play in protecting their people when engaged in international trade. It has to ensure that even in cases where there is free regional or international trade, the country’s businesses are protected from any possible exploitation. Additionally, to maintain a better balance of payment, governments will often ensure that its value obtained from exports is always higher than what the country imports. To achieve this, there are many measures that countries will put in place and one is using tariffs which can be defined as taxes imposed by the government on goods as well as services imported | GET AN EXPERT FOR YOUR ASSIGNMENT | is to increase the price of the imports to make such products less attractive/ less competitive in the local market as compared to the locally manufactured ones. Although effective, there are many advantages and disadvantages associated with this method as will be discussed herein.
Advantages of using Tariffs
Many advantages can come with a government using tariffs in international trade. In the US, when a local industry feels threatened by external players, congress comes in…