The two benefits of tariffs were they served as a source of revenue and protected domestic industries.
A tariff is a tax. It is charged on goods and services which are imported or exported. The term "customs duty" is also defined in the domain of tariff.
Generally, tariffs are charged by the country which is importing goods. Due to this, the revenue is generated for the importing country. At the same time, it does protect the domestic countries from the outside competition producing the same goods as imported one.
Some benefits of tariff are they are a source of revenue for the government, they ensure fair competition in the market and it encourages the production of domestic industries.
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