Tariffs

Tariffs are taxes or duties imposed by a government on imported or exported goods. They are used as a tool to regulate trade between countries by either promoting domestic production by making imported goods more expensive or generating revenue for the government. Tariffs can take various forms, such as ad valorem tariffs, which are based on the value of the goods, or specific tariffs, which are charged per unit. They can influence international trade dynamics by affecting prices, supply chains, and the competitiveness of domestic industries. Tariffs are often subject to international agreements and negotiations, and they can lead to trade disputes or retaliatory measures by affected countries.