Who benefits from a tariff on a good?

Question

Quizplus · Accepted Answer

A tariff is a tax on an imported good, designed to make similar domestic goods more competitive. Therefore, domestic producers of the good benefit from a tariff as they face less foreign competition and can sell their goods at a higher price. This can lead to increased profits, employment, and investment in the domestic industry. However, domestic consumers of the good may face higher prices due to reduced competition, and foreign producers may be negatively impacted by reduced demand for their goods in the domestic market.

Who Benefits from a Tariff on a Good