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What are taxes on imports and exports called?
Taxes that are placed on imports and exports are referred to as tariffs. A debate exists regarding whether or not high tariffs help or hurt a nation's economy.
In effect tariffs on imports are?
subsidies for domestic producers
What situation would encourage the European Union to put tariffs on imports?
There are many situations that would encourage the European Union to put tariffs on imports. A good example is when the imports pose a threat to the local productions.
Tariffs lower the price of foreign goods?
No, the opposite is true. Tariffs raise the price of foreign goods compared to domestic goods. Because of this, tariffs reduce imports.
How did high tariffs on imported goods affect the southerns economy?
The tariffs protected Northern industry from cheap imports. The South had virtually no industry, and cheap imports suited them very well. So with a Northern majority in Congress, the tariffs looked like the North taxing the South. This pulled the two sides further apart.
