Tariffs and Trade Blocs Flashcards

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What is a tariff?

A tax added to goods brought in from other countries.

It makes the import cost more, so the selling price is likely to rise.

To protect local jobs and firms, and to raise money from imports.

A group of countries that agree to trade with each other with low or no tariffs.

The European Union (EU) or ASEAN.

It gives access to a larger market with no tariffs, so sales can rise.

More rival firms can sell in your market, so competition increases.

Costs go up, so profit may fall unless the business raises prices.

Use local suppliers, or make products inside the trade bloc.

The tariff is £10. The new cost is £210.