Tariffs and Trade Barriers

Tariffs are taxes imposed by a government on imported goods, making them more expensive and encouraging consumers to buy domestically produced items. Trade barriers include various measures, such as quotas (limits on the amount of a good that can be imported) and regulations, that countries use to protect their domestic industries from foreign competition. While tariffs and barriers can support local economies, they can also lead to higher prices for consumers and may cause trade tensions between countries, impacting global economic relationships.