A tariff is a tax levied on foreign goods and services imported into a country. Tariffs make goods and services more expensive and thus, consumers shift to the domestic alternatives. Tariffs are usually imposed as an economic tool to improve the balance of trade as they decrease the imports. They are also targeted at protecting the domestic producers from competitive foreign goods. Tariffs can also be imposed on exports of goods and services, although that is seldom the case. It is done to discourage exports of certain goods and services. Compound tariffs are a mix of both specific tariff and ad valorem taxes. For instance, a tariff that has a specific tax up to a certain amount followed by an ad valorem tax afterwards is an example of a compound tariff. #traiff #economic #compoundtariffs #kalkinemedia To get more updates about Australia,UK stock market news & insights subscribe our channel at https://bit.ly/3cHKioy About us: Kalkine Media’s You Tube Channel is a one stop shop for all related news, updates, expert views, business insights etc. Catch ASX Daily market commentary, trending news stories for the day, market movers, stock information, top research stories, expert insights and much more only on Kalkine Media’s You Tube Channel. Check out our media Website 👉 https://kalkinemedia.com/au Follow us and stay updated on the Go with the Stock Market 👇👇 Facebook - https://www.facebook.com/kalkineau/ Twitter - https://twitter.com/kalkineau LinkedIN - https://www.linkedin.com/company/4829818