Tariffs

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Tariffs Name: Institution: Tariffs According to Cavusgil, Knight, and Riesenberger (2011), trade tariffs are taxes that are imposed by the government on imported products. The use of tariffs increases the cost of purchase of imported products on the part of the consumer hence he or she is bound to prefer domestic products. Ma and Lu (2011), note that tariffs are often a measure that is taken by the government as an effort to protect domestic producers from foreign competition. Further, tariffs are also a source of revenue for the government if they are used effectively. Non-tariff trade barriers, on the other hand, refer to government policies and regulations that hinder trade through other means other than tariffs (Cavusgil et al., 2011). The non-tariff trade barriers include customs whereby government officials are stationed at each entry point of the country and check the goods that have been imported in order to impose tariffs. Moreover, there is also the quota which is a restriction that is placed on the number of a certain product that can be imported at a certain time (Blonigen, Liebman, Pierce, & Wilson, 2013). U.S manufacturers have often complained that import of steel has affected their production as well as their sales. This necessitated the introduction of a tariff to control the influx of steel into the U.S. The tariff for exportation of steel to the U.S can be found in the Harmonized tariff schedule that was released by the federal government earlier this year. For a member of the World Trade Organization to export steel to the U.S, they will have to pay a tariff of ten percent, which means that they have to reduce their exports so as to

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