Tariff Reform

Tariff reform refers to changes in the taxes or duties imposed by a government on imported goods. These taxes, called tariffs, can affect prices, trade relationships, and local economies. Reforming tariffs often aims to make trade fairer, encourage competition, or protect domestic industries from foreign competition. Governments may lower tariffs to make imports cheaper and boost consumer choices or raise them to support local businesses. Overall, tariff reform can influence economic growth, job creation, and the balance of trade between countries.