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The philippine government announced the needs to review the tariff imposed on imported products that have gradually taken over the local market?

Respuesta :

Nyctalus

Answer:

In simple words, tariff refers to the taxes that the government of a particular nation imposes on import and export activities for the benefit of he consumers. After the globalization process most countries have tried to enter the international market by lower their tariffs.

However,  many developing nations have now been facing the danger of losing the viability and business of the local markets as the local vendors and producers are unable to cope with the high technology of foreign countries.

Parrain

Sometimes tariffs need to be reviewed to ensure that they are serving the purpose for which they are made.

Tariffs are quite important especially to developing countries as they:

  • protect local companies that would otherwise be unable to compete with foreign products
  • to give the government revenue from the taxes charged on foreign goods
  • to balance out the goods being traded in the market

The Philippine government is most likely trying to review the tariffs because they feel that it is too low and that is why there are so many foreign products in the market competing with local ones.

In conclusion, the Philippine government will most likely review the tariff upwards so that foreign goods can become more expensive and compete less in the local market.

Find out more at https://brainly.com/question/18124245.

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