After the War of 1812, what did James Madison advocate to make American manufactured products cheaper and more competitive in both domestic and foreign markets

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05-07-2022
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After the War of 1812, what did James Madison advocate to make American manufactured products cheaper and more competitive in both domestic and foreign markets

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tutorconsortium206 tutorconsortium206 · Answer 1 · 2022-07-16T09:30:54-04:00

A protective tariff.

What does the term "protective tariff" mean?

The nation receiving the merchandise imposes specific taxes on the products when they are imported from another nation. Tariffs are the taxes or customs duties imposed on the sold goods. The government receives money from tariffs. To protect the domestic industry, protective tariffs are frequently imposed. Protective tariffs are designed to make sure that domestic producers can create and market their goods at a lower cost than comparable imports. Local manufacturers benefit from the increasing costs of imported items because they may sell their goods for less, attracting more customers.

What Makes a Protective Tariff Effective?

Protective tariffs are used to keep foreign competition out of domestic markets and local industry. As a result, they encourage domestic industrialization within a nation. A nation's currency is also protected by protective tariffs in addition to domestic industrialization. Protective tariffs prevent a nation's currency from leaving the country and going to foreign companies, strengthening the currency domestically.

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After the War of 1812, what did James Madison advocate to make American manufactured products cheaper and more competitive in both domestic and foreign markets

Sagot :

What does the term "protective tariff" mean?

What Makes a Protective Tariff Effective?

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