The currency and exports rate will be affected like the supply will be decrease and currency will be increase in foreign exchange markets, if one country imposes a tariff on its imports.
Foreign exchange markets is the institute of the foreign exchange rate of the country X from the country Y.
Foreign exchange markets are made up of from many different markets as the different markets are involved, for example Dollar are Exchange from the Rupees.
Thus, supply will be decrease and currency will be increase .
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