what is a tariff?

[ankita]

I’ve been reading about trade and economics and came across the question, what is a tariff? From what I understand, a tariff is basically a tax that governments place on imported or exported goods. It can affect the prices of products, international trade relations, and even consumer choices. Can someone explain in detail how tariffs work and give examples of different types of tariffs used in global trade?

 

[Mayank]

A tariff is a government-imposed tax or duty on imported or exported goods. It is used to regulate trade, protect domestic industries, generate revenue, and influence international economic relations by making foreign products more expensive than local ones.

 

[jainnorton]

A tariff is a tax imposed by a government on goods and services imported from other countries. It is designed to increase the price of foreign products to protect domestic industries from competition or to generate revenue for the government.

 

[danisjohn]

A tariff is a tax imposed by a government on imported or exported goods. It raises the cost of foreign products, encouraging consumers to buy domestic alternatives. Tariffs protect local industries, generate revenue, and influence trade policies but can also lead to higher prices and potential international trade disputes.

 

[Shane Warne]

A tariff is a tax imposed on imported goods or services by a government. It raises the price of foreign products, making local goods more competitive. Tariffs can protect domestic industries, generate revenue, or influence trade policies, but may also cause higher costs for consumers and businesses.

 

[robertwilliam]

A tariff is a tax or duty imposed on imported or exported goods, typically calculated as a percentage of the item's value (ad valorem) or a fixed amount per unit (specific tariff).