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How Tariffs Affect the Economy [Reading - Mike Moffatt]

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York University
Administrative Studies
ADMS 1000
Eytan Lasry

How Tariffs Affect the Economy Mike Moffatt Your Guide to Economics ADMS 1010 Reading A tariff is a tax or duty placed on an imported good by a domestic governmento Tariffs are usually levied as a percentage of the declared value of the good similar to sales taxo Unlike sales tax tariff rates are often different for ever good and tariffs do not apply to domestically produced goodsThree situations in which governments often impose tariffs o To protect fledgling domestic industries from foreign competition o To protect aging and inefficient domestic industries from foreign competitiono To protect domestic producers from dumping by foreign companies or governments Dumping occurs when a foreign company charges a price in the domestic market which is too slow In most instances too low is generally understood to be a price which is lower in a foreign market than the price in the domestic market In other instances too low means a price which is below cost so the producers is losing moneyThe Worl
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