Tariff rates

Tariff rates are taxes imposed by a government on imported goods. They increase the cost of foreign products, making them more expensive than domestic ones. Tariffs are used to protect local industries from international competition, generate revenue for the government, or influence trade policies. The tariff rate is usually expressed as a percentage of the item's price. For example, a 10% tariff on imported shoes means an additional 10% cost is added to the price of those shoes when they enter the country.