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Economic Implications of Tariffs - Essay Example

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Governments impose tariffs for several reasons which include; protection of the emerging as well as aging and incompetent local firms from unhealthy foreign competition, to enhance sustainability of local companies through prevention of dumping effect from foreign companies which may offer their products locally at an extremely low price that leads to losses by domestic firms (Mansfield and Yohe 23).
There have been a number of efforts to reduce tariff barriers between countries which have been supported through various organizations such as the WTO and Word Bank, which view tariffs as having a double impact; on the economy imposing the tariffs as well the economy on which the tariffs have been imposed (Geoffrey and Reny 2000 p 66). Tariff barriers slow economic growth. The local producers operate without competition leading to a rise in prices of their commodities, hence a decrease in the rate of consumption locally.

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Summary

Tariffs have adverse effects on an economy. However, governments continue imposing them on investors who import commodities from foreign nations (Gregory 2000 p 16)…
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