Inflation: Inflation is the sustained increase in the general price level of goods and services in an economy over time. Tariffs can have inflationary effects by making imported goods more expensive, which can raise prices for consumers.
Consumer surplus: Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. Tariffs may reduce consumer surplus by increasing prices and limiting choices of imported products.
Protectionist measures: Protectionist measures encompass various policies aimed at shielding domestic industries from foreign competition. Tariffs are one example of protectionism, intended to protect domestic producers from cheaper imports.