Tariff Meaning Explanation Types Examples How It Works
Tariff Meaning Governments try to impact other countries by implicitly increasing or decreasing import tariffs. If import taxes are kept high, imported goods become significantly costlier than domestic products. As a result, the demand for imported goods in the domestic market falls. Key Takeaways A tariff is a trade barrier; the government imposes taxes on the procurement of goods or services from foreign countries.It is a strategic decision; using trade, governments try to control diplomatic relations with other countries....