tariffs

Tariffs are taxes imposed by a government on the import or export of goods. They are used primarily to regulate international trade by increasing the cost of imported goods, making domestic products more competitive. Tariffs can serve various purposes, including protecting local industries, generating revenue for the government, and influencing trade policies with other nations. They can be specific (a fixed fee per unit of goods) or ad valorem (a percentage of the value of the goods). Additionally, tariffs can play a critical role in trade negotiations and can lead to trade disputes when countries impose retaliatory measures against each other. Overall, tariffs are an important instrument of trade policy and economic protectionism.