Pls can you help contribute to this!

Trade barriers come in different forms ranging rom transparent to nontransparent. Let's start by defining terms. A quota refers to a imit in quantity that is imposed on imports while tariffs refer to taxes imposed on mports. The impact of quotas on imports is direct but the impact of tariffs is indirect. The main goal of quotas and tariffs is to make domestic goods more price competitive and eventually increase quantity produced and consumed (locally and internationally). An interesting observation is that low income countries tend to have higher tariffs that high ncome countries. Why do you think that this s the case? Some of the costs associated with tariffs nclude: retaliation - when one country mposes tax on good coming from a trading partner, more likely than not, the trading partner will respond by imposing tariffs on the counterpart's goods (imports). Tariffs generally lead to lower trade, fewer jobs, and ultimately lower standard of living. Can you hink of why this is the case?; Innovation - tariffs have a tendency to isolate domestic firms from foreign competition thus limiting desire to introduce new products and/ or upgrade existing ones; and, Rent Seeking - efers to any activity that uses resources to ry capture more income without actually producing a good or service. For instance can engage lobbyists to work to ensure that protection remains