Describe how tariffs can help and hurt a local economy. Use a Philippine example.
Answer (1)
Tariffs can protect local industries by making foreign goods more expensive. For example, tariffs on imported rice help Filipino farmers compete by keeping prices high. But they can also hurt consumers who now have to pay more.If too many tariffs are imposed, like in the 1990s on certain agricultural goods, it can lead to shortages or smuggling. Tariffs should be used carefully so that both farmers and consumers benefit.
