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Increased Import Costs: Tariffs increase the cost of importing goods into a country. Importers are required to pay the tariff to the government, which adds
Increased Import Costs: Tariffs increase the cost of importing goods into a country. Importers are required to pay the tariff to the government, which adds to the overall cost of bringing foreign products into the domestic market. Passed-On Costs: Importers often pass on the cost of tariffs to consumers by increasing the prices of imported goods. This means that consumers end up paying more for the affected imported products
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