If a country lowers tariffs, what will most likely happen?

ANSWER: If a country lowers tariffs, the import and export of the country will increase. People will have to pay less to buy imported goods and services. This will hamper the domestic market as the international market would interfere in the country's market. As the tariffs are low, the government may also earn less revenue and the country's growth may also get affected due to the decision.

Answer Link

deebikamadhivanan deebikamadhivanan · Answer 2 · 2022-03-28T18:49:55+02:00

Importing countries are usually the ones who benefit from tariffs because they are the ones that impose them and collect the revenue. Imports will rise if a country cuts tariffs.

What happens when tariffs are lowered?

The market impact will increase markets if tariff rates are reduced. The 'competitive effect,' on the other hand, argues that even if lower tariffs result in stronger import demand, the effect on an individual country may be minimal due to low price elasticity for its products.

For more information about tariffs, refer below

https://brainly.com/question/7199060