When a tariff or quota on a product is removed, this policy action

Question

Quizplus · Accepted Answer

Removing a tariff or quota generally lowers the price of the imported product, which benefits consumers by making the product more affordable. It does not benefit domestic producers, who face increased competition, nor does it benefit the government through tariff revenues. It typically benefits, rather than hurts, exporting nations by allowing them greater access to the market.

When a Tariff or Quota on a Product Is Removed