TARIFFS

WHAT IS A TARIFF? A tariff is a tax imposed by a government on imported goods. These taxes are levied by the importing country and are typically paid by the importer. WHY ARE THERE TARIFFS? Tariffs serve several purposes, including raising government revenue, protecting domestic industries from foreign competition, and addressing trade imbalances. HOW DO TARIFFS AFFECT US? Tariffs can raise the price of imported goods, which can affect both businesses and consumers by making things more expensive to purchase. Importers generally pay the tariff when goods are brought into the country. The increased cost of those imported goods are then passed on to consumers.