What are types of tariff with an example of its use?
Revenue tariff: A 5% tariff on sugar to generate public
revenue;
Protective tariff: A 50% tariff on sugar to keep domestic sugar
producers in business;
Retaliatory tariff: A 500% tariff on sugar to reply to a high
tariff imposed by another country.
or
sales tax- 8% charged on purchases of luxury goods
excise tax- 20% tax charged on each pack of cigarettes
capital gains- 15% charged on profits from selling
commodities
or
revenue tariff- a 6% tariff on oranges to provide money for the
government
protective tariff- a 50% tariff on oranges to shield domestic
orange growers from international competition
retaliatory tariff- a 200% tariff on oranges to reply to a high
tariff imposed by another country