Tariff Law

Tariff law refers to the regulations governing taxes imposed on imported goods. These tariffs aim to protect domestic industries by making foreign products more expensive, thus encouraging consumers to buy local. Additionally, tariffs can generate revenue for governments. Trade law, which encompasses tariff law, sets the rules for international trade, ensuring fair competition and trade practices among countries. By regulating tariffs, governments can influence trade relationships and manage the balance between protecting domestic economies and promoting international trade.