What Is a Tariff? Explain the Reason for Removing Tariffs

question 46

Essay

What is a tariff? Explain the reason for removing tariffs and the effects of governments raising tariff barriers.

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Definitions:

Writing Requirement

The legal principle that certain contracts or agreements must be documented in written form to be legally binding.

Statute of Frauds

A legal principle that requires certain types of contracts to be executed in writing and signed by all parties involved in order to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party if the latter has reasonably relied on that promise to their detriment.

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing and signed by the parties involved in order to be enforceable.