Tariffs are basically taxes that governments impose on imports.

Tariffs

Taxes imposed on imported goods to regulate trade, protect domestic industries, or generate revenue for the government.

Imports

are goods and services brought into one country from another for trade or sale.

Recognize and elucidate the methods and consequences of protectionism and tariffs within international commerce.

Verified Answer

Final Answer :

True

Explanation :

Tariffs are taxes imposed by governments on imported goods, designed to make foreign products more expensive and protect domestic industries.

Learning Objectives

Recognize and elucidate the methods and consequences of protectionism and tariffs within international commerce.