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A country might try to protect an industry by putting a tariff (like a tax) on goods that come from a foreign country to make those goods less competitive price-wise to the domestic goods.
Many feel that this protectionism is bad for consumers as it reduces the incentive of domestic innovation and increases costs.
Others feel that certain industries are necessary for any nation and would protect them to ensure the nations survival should the foreign sources be cut off. (Food production for example.)
Sometimes tariffs are put in place to combat unfair trade practices such as when a foreign government subsidizes their industry to reduce the costs artificially.
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The purpose of a protective tariff?
tax
What is the protective tariff of 1816?
The protective Tariff of 1816 is also known as the Dallas Tariff. It is noteworthy because it marks the first time that congress passed a tariff to protect American manufacturers instead of just to raise money.
What is the purpose of protective tariff?
The purpose of a protective tariff. First of all, what is a protective tariff? It is a tax on imported goods (or goods that come into the country).So, a protective tariff would be one that protects the country from foreign competition. For example, the tariff of 1828. Northern prices were getting too high for the South to be able to pay, so instead the South bought its goods from other countries(England mainly). The Northern ecconomy was hurt because of this so Northern senators chose to place a tariff on all imported goods from foreign countries, thus protecting their industries.
What is an example of a protective tariff?
An example of a protective tariff is seen in the importation of oranges. Citrus fruit does not readily grow everywhere, and South American countries often produce massive quantities for export. If a country can produce oranges but can import them from South America cheaper than growing them domestically, a protective tariff might be applied. This tariff will inflate the price of the imported oranges so that they are equal to or higher than the price of domestic oranges. This helps domestic companies compete with international companies.
What is a duty paid on particular class of goods?
tariff
What is a tax placed on goods from another country to protect the home industry?
protective tariff
What was the high tariff to limit foreign competition?
A high tariff to limit foreign competition is called a protective tariff.
How might a country react to another country's protective tariff?
Sometimes a country suffering from a protective tariff will enact a tariff of its own on a product.
What was the nickname that southerns gave to a protective tariff they opposed?
Tariff of abominations
First protective tariff?
1816
The purpose of a protective tariff?
tax
Was Thomas Jefferson for the protective tariff?
No
Was Hamilton for protective tariff?
yes he was
What is specialization restricted by in the global economy?
Protective tariffs
What was High tariff to limit foreign competition?
A high tariff that limits foreign competition is a protective tariff.
What is the protective tariff of 1816?
The protective Tariff of 1816 is also known as the Dallas Tariff. It is noteworthy because it marks the first time that congress passed a tariff to protect American manufacturers instead of just to raise money.
High tariff to limit foreign competition?
A high protective tariff can limit foreign competition.
