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Why do governments set duties on imported goods to restrict or limit trade with other nations?
Wiki User
∙ 14y ago
a) government wish to protect their industries from foreign competition.
b) consumers will be encouraged to buy products made in their own country.
c) Duties prevent the sale of foreign goods at lower prices than goods made at home.
d) All the above.
answer is d all the above... <3Nova Net Master of Ninjutsu<3
Wiki User
∙ 14y ago
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What is Imported duties?
Taxes that is added onto imported products
What items are subject to customs duties?
Most items imported for personal use are subject to customs duties. Goods imported in excess of the normal guidelines of duty-free entry, ethyl alcohol, and cars are all subject to customs duties.
What is a tax placed on an imported good or service?
The most common term for such a tax is to call it a "Tariff" and this is also the historical name. With the streamlining of international transactions in the 19th and 20th centuries, other terms such as "Customs Duty" or "Import Duty" have been used. In addition, the WTO has provided for two other forms of taxes that can be placed on imported goods and services as punishment to other countries for illegal economic practices and these are called "Anti-dumping Duties" and "Countervailing Duties".
Where are customs duties collected?
Customs duties are collected by the former US Customs Service, now incorporated into Homeland Security Department. The funds are turned over to the Department of Treasury. The Tariff Schedules of the United States list numbers for each and every item incoming or leaving the US. There are three columns. The first for favored nations, e.g. UK, the middle for trade deals, and the third for unfavored nations, e.g. Cuba. See CBP - Customs Border Protection for more information.
What is countervailing duties?
Additional import duty imposed to offset the effect of concessions and subsidies granted by an exporting country to its exporters. Imposition of a countervailing duty is an attempt to bring the imported price to its true market price, and thus provides a level playing field to the importing country's producers.
Governments set duties on imported goods to restrict or limit trade with other nations why?
Governments set duties on imported goods for a couple of important reasons. They want to protect their industries at home from competition with foreign goods brought in. A by-product of this policy is extra money in the importing country's coffers.
What is a tariff and why do governments sometimes use them?
a tariff is a duty or duties imposed by a government on imported or exported goods (a schedule of prices or taxes) they can restrict trade by causing the price of goods to rise making them more expensive and so less attractive to prospective buyers
What is Imported duties?
Taxes that is added onto imported products
What are tariffs or custom duties?
these are taxes on imported goods
What items are subject to customs duties?
Most items imported for personal use are subject to customs duties. Goods imported in excess of the normal guidelines of duty-free entry, ethyl alcohol, and cars are all subject to customs duties.
Which instrument do countries use to restrict competition from abroad?
Countries restrict competition from abroad by imposing fees on foreign goods in the form of duties or tariffs, for example.
What is one of the main duties of the national governments?
It protects our rights
What usually sets out the powers and duties of local governments?
Dicks
What it the duties of a budget analysts?
to create the nations budget
How do the general duties of the national government differ from those of the state governments?
1980
When did the duties and materials imported from Britain such as glass lead paint and paper go into effect?
The Townshend Acts
How was the federal government funded before federal income tax?
Mainly duties (taxes on imported goods).
