Tariff Barriers

Tariff Barriers include tax imposition that accrues to the government in form of tax revenue. It leads to a rise in the prices of the goods consumed by the consumer. They may take the following form:
Export Tariff: It is a tax which is imposed by the government on goods exported by the domestic nation. They increase the cost of domestic goods overseas as they are perceived to hurt the business in domestic nation.
Import Tariff: It is a tax which is imposed on goods imported from the rest of the world. It is done to raise the price of the imported goods and make then relatively expensive compared to the domestic ones.
Transit: It refers to the tax levied on goods that originate in one country, passes through the second and are consigned for the third nation. Transit duties are imposed by those nations through which goods pass.

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