A tariff is a tax or duty on imported goods and services that are designed to protect domestic industries and generate revenue for the government.
Tariff refers to a tax or duty imposed on goods or services that are imported or exported between countries. It is a form of trade barrier used by governments to protect domestic industries, control the flow of goods, and generate revenue. Tariffs can be ad valorem, where a percentage of the value of the goods is charged as a tax, or specific, where a fixed amount per unit of goods is charged. Tariffs can be imposed for various reasons, such as protecting domestic industries, regulating trade practices, addressing trade imbalances, or retaliating against unfair trade practices by other countries.
