What is the difference between a tariff and a quota?
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In the world of trade, a tariff is like a tax on imported goods – it's the price you pay when stuff comes into your country. On the other hand, a quota is like a limit on the amount of certain goods that can enter your country. So, tariff is a tax, and quota is a quantity limit. Each plays a role inRead more
In the world of trade, a tariff is like a tax on imported goods – it’s the price you pay when stuff comes into your country. On the other hand, a quota is like a limit on the amount of certain goods that can enter your country. So, tariff is a tax, and quota is a quantity limit. Each plays a role in how countries manage their trade relationships.
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