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What Are Tariffs?
Tariffs are custom taxes that governments levy on imported goods. This effectively raises the price of foreign goods compared to domestic rivals.
Tariffs are mean to give an advantage to domestic goods, but the effects aren't always quite that simple. Let's look at a detailed definition of what tariffs are and some examples of how they have affected the U.S. economy in the past.
Original Article Source Credits: The Balance , https://www.thebalance.com/
Article Written By: Kimberly Amadeo
Original Article Posted on: February 23, 2021
Link to Original Article: https://www.thebalance.com/tariff-pros-cons-and-examples-3305967