Tax imposed on a country’s imports from the rest of the world is called ____.

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Detailed Solution

Tax imposed on a country’s imports from the rest of the world is called Tariffs.
Tariffs have three main purposes: to act as a revenue source, protect domestic industries, and remedy trade distortions. They are levied at the point of entry, e.g. at the airport or the border of the country. The tariff rates are different in different countries and vary depending on the nature of the product. The tariff was an important reason for the MNCs in the 1950s and 60s to locate their manufacturing plants in as many countries as possible and become local to avoid paying high tariffs.

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