Tariffs

Definition

Tariffs are taxes imposed on imported goods, making them more expensive for consumers. They are used to protect domestic industries and generate revenue for the government.

Related terms

Revenue tariffs: These are tariffs imposed primarily to generate income for the government.

Protective tariffs: These tariffs aim to shield domestic industries from foreign competition by increasing the cost of imported goods.

Import quotas: These limit the quantity of specific goods that can be imported into a country.