Tariffs and Duties

Tariffs and duties are taxes imposed by a government on imported goods. A tariff is often a percentage of the value of the goods, while a duty can be a fixed amount based on quantity or value. These charges are used to raise revenue for the government and to protect domestic industries by making foreign products more expensive. When consumers buy imported items, they may pay higher prices due to these taxes. Ultimately, tariffs and duties influence trade between countries and can affect the prices and availability of goods in local markets.