Trade Tariffs and Duties

Trade tariffs and duties are taxes imposed by a government on imported goods. Tariffs increase the cost of these goods, making them more expensive for consumers and encouraging them to buy local products instead. Duties, often used interchangeably with tariffs, can include specific fees for certain types of goods. These measures can protect domestic industries from foreign competition, generate revenue for the government, and sometimes are used as a tool in international trade negotiations. However, they can also lead to trade tensions and higher prices for consumers.