The instrument of trade policy has been in use the longest is tariffs. From time immemorial, tariffs have been imposed on imported and exported goods as a way of generating revenue and also a way of discouraging importation and to grow local businesses.
A tariff is a tax which is usually imposed by the government of a country or a union on imports or exports of goods. .
Tariff is a source of revenue for the government. Tariffs also aim at encouraging or safeguarding domestic industry from imported good.
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