Of the following,which group is hurt by a tariff?

Question

Quizplus · Accepted Answer

Tariffs increase the price of imported goods, which leads to a reduction in consumption. Domestic consumers suffer the most from a tariff since they pay a higher price for the good. Domestic producers may benefit if the tariff allows them to increase their price and profits, but this benefit comes at the expense of domestic consumers who now pay more for the good. Foreign consumers are unaffected unless they were buying the good from the domestic market, and the foreign government is not directly affected unless it retaliates with its own tariffs. The domestic government may benefit from increased revenue, but this is not always guaranteed, and the cost of implementing and enforcing a tariff may outweigh the benefits.

Of the Following,which Group Is Hurt by a Tariff