key term - Tariff

Definition

A tariff is a tax imposed by a government on goods and services imported from other countries. This tax aims to make imported goods more expensive and thus less attractive than domestic products.

Related terms

Import Quotas: A limit set by a government on the amount of a specific good that can be imported into the country over a set period of time.

Trade Barrier: Any regulation or policy that restricts international trade, including tariffs, quotas, and import bans.

Protectionism:

An economic policy of restricting imports from other countries through methods such as tariffs and quotas to protect domestic industries