Tariff Act

The Tariff Act refers to legislation that imposes taxes on imported goods, aimed at generating revenue for the government and protecting domestic industries from foreign competition. By making imported products more expensive, tariffs encourage consumers to buy local products. The Act can vary in its specifics, affecting different goods differently. Overall, it plays a significant role in international trade policy, influencing both the economy and relationships between countries. Tariffs can be a tool for economic strategy but may also lead to trade disputes or retaliatory measures from other nations.