Customs and Tariffs

Customs and tariffs are important components of international trade. Customs refers to the government agency responsible for regulating the flow of goods into and out of a country, ensuring laws and taxes are followed. Tariffs are taxes imposed on imported goods, increasing their price to protect domestic industries and generate revenue for the government. When goods cross borders, customs checks if they meet regulations and collects tariffs based on their value. Together, customs and tariffs influence trade relationships, affect the prices consumers pay, and play a role in a country’s economic policy.