In February 2000, the United States imposed a tax on imported steel in an effort to protect about 5,000 U.S. jobs. Another name for this levied tax is a(n) ________.

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26-02-2020
Social Studies

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In February 2000, the United States imposed a tax on imported steel in an effort to protect about 5,000 U.S. jobs. Another name for this levied tax is a(n) ________.

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fichoh fichoh · Answer 1 · 2020-02-29T04:43:46+01:00

Answer: Tariff

Explanation: Tariff could be explained as a tax or levy imposed on imported goods,that is goods brought in from another country. The imposed Tariff on these imported goods usually will increase the price of those goods. The introduction of the Tariff was used to raise the prices of imported goods and make it less desirable to it's domestic (home-made) substitute. It is used to uphold the growth of the domestic market and shield it against competition from foreign market.