Other - Business & Finance - 2 Answers
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1 :
Tariffs are taxes placed on imports essentially making them more expensive to have and less competitive to locally produced goods.
2 :
If Belgium makes a cellphone and sells it for the equivalent of $100, an American company can make that same phone for $40 and ship it for $5. So the American phone saves the Belgium customer $55. So the Belgium government charges a tariff of $60 per phone that is imported. now the American phone is $105. Too expensive. Everyone buys the $100 phone made in Belgium. The American manufacturer will give up. That customer has fewer choices. Trade has been restricted.
