What are $TARIFFS

Tariffs are taxes or duties imposed by a government on imported (and sometimes exported) goods. They are used to:

1. Protect Domestic Industries – By making imported goods more expensive, tariffs encourage consumers to buy local products.
2. Generate Revenue – Governments collect money from tariffs, which can be used for public spending.
3. Regulate Trade – Tariffs can be used as a tool in trade negotiations or disputes, sometimes as a form of economic retaliation.
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