I am Right episode 3 court rulings and tariffs

A tariff is a tax imposed by a government on imported or exported goods. Here’s a quick breakdown:

Import tariff: A tax on goods brought into a country. It’s the most common type and is used to:

Protect domestic industries from foreign competition

Raise government revenue

Influence trade policies

Export tariff: A tax on goods leaving a country. These are less common but may be used to:

Ensure domestic supply of a product

Generate revenue

Types of tariffs:

Ad valorem: Charged as a percentage of the item’s value (e.g., 10% of the product’s price).

Specific: Charged as a fixed amount per unit (e.g., $0.50 per kilogram).

Compound: A combination of both ad valorem and specific tariffs.

Let me know if you want examples or how tariffs affect global trade.

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