Tariff

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A tariff is a tax imposed by a government on imported goods, paid by the importer, serving both as a revenue source and a regulatory tool for foreign trade. These duties aim to make foreign products more expensive, thereby encouraging the consumption of domestic goods, stimulating the local economy, and protecting "infant industries" or reducing trade deficits. While tariffs can be fixed or variable, their fundamental purpose is to raise the price of imported items, making local alternatives more competitive. However, there is near-unanimous economic consensus that tariffs are generally self-defeating, negatively impacting economic growth and welfare, often backfiring by raising input costs for domestic industries or inviting retaliatory measures. Historically, such levies have been used for millennia; ancient Athens, for instance, imposed a two percent tax on goods, especially grain, entering its port of Piraeus to generate government funds.