Answer :
The three types of tariffs are
1. Ad valorem tariff
2. Specific tariff
3. Compound tariff.
Tariffs are tariffs a government imposes on imported goods and services, raising their price in comparison to native products and services, decreasing their appeal or at the very least their competitiveness.
The following reasons are typically given for the imposition of tariffs (customs duties):
1) Prevent foreign competition from entering freshly created domestic industries.
2) Prevent domestic industries from being overtaken by foreign competitors.
3) To safeguard homegrown manufacturers from "dumping" by governments and corporations from other countries.
The ad valorem tax is the most typical tariff. This indicates that the amount of the customs duty is based on a portion of the value of the goods.
Numerous nations' rate plans additionally incorporate other non-ad valorem fees.
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