Editorial Note: This article is written with editorial review and topic relevance in mind.
The local government imposes charges on the total value or quantity of products imported from foreign. If a government imposes a specific tariff of $5 per kilogram on imported coffee beans, the tariff remains constant regardless of whether the coffee is priced at $10 or $50 per kilogram. For example, if an indian company imports steel from another country, a tariff may be applied to the cost of that steel.
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This increases the overall cost for the importer, which could affect. Discover how tariffs shape global trade, prices, and international relations. Tariffs are trade barriers—they restrict the international exchange of goods and services.
Let's consider a simplified example of how tariffs impact the retail price of imported consumer electronics:
Understand how they impact global trade, pricing, and supply chain strategies. A retailer imports smartphones with the following cost structure before tariffs:
