On April 16, 1921... An early morning severe weather outbreak produces 5 tornadoes across Middle Tennessee, primarily along a path from Giles to Cannon County. All are classified as F2. A total of 4 fatalities are reported, with another 41 injuries.
Protective tariff. Protective tariffs are tariffs that are enacted with the aim of protecting a domestic industry.[1] Tariffs are also imposed in order to raise government revenue, or to reduce an undesirable activity (sin tax).
In my article The Softwood Lumber Dispute we saw an example of a tariff placed on a foreign good. A tariff is simply a tax or duty placed on an imported good by a domestic government. Tariffs are usually levied as a percentage of the declared value of the good, similar to a sales tax. Unlike a sales tax, tariff rates are often different for every good and tariffs do not apply to domestically produced goods. The upcoming book Advanced International Trade: Theory and Evidence by Robert Feenstra gives three situations in which governments often impose tariffs: