Tariffs and Trade Policies

Tariffs are taxes imposed by governments on imported goods, making them more expensive. This aims to protect domestic industries by encouraging consumers to buy local products. Trade policies are the rules and agreements that govern international trade, influencing how countries exchange goods and services. These policies can include tariffs, quotas (limits on import quantities), and trade agreements that lower barriers between countries. Ultimately, tariffs and trade policies shape economic relationships, impact prices, and can affect jobs and industries within a country by promoting certain economic activities over others.