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I have learnt that the natural resources of most countries and their abilities to produce certain commodities both act as barriers that restrict those nations’ capabilities. They engage in international trade to meet the requirements of their people. However, business dealings are not always done in a cordial manner. Disagreement between trade partners is common and may be caused by a variety of variables, including policies, geopolitics, competitiveness, and more.
- Tariffs are imposed by governments to accomplish a variety of goals, including raising income, protecting domestic businesses, and applying political pressure on another nation.
- Higher costs at the checkout are one of the many unintended consequences of tariffs.
- Tariffs have been the subject of much controversy throughout history, with opposing sides arguing their pros and cons.