List the effects of imposing tariffs.
The effects of imposing tariffs can be summarized as follows:
In general, tariffs increase:
• inflationary pressures
• special interests' privileges
• government control and political considerations in economic matters, and
• the number of tariffs (they beget other tariffs via reciprocity).
Tariffs weaken:
• balance-of-payments positions
• supply-and-demand patterns, and
• international relations (they can start trade wars).
Tariffs also restrict:
• manufacturers' supply sources,
• choices available to consumers, and
• competition.
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GLOBAL MARKETING
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