Tariff
A tariff is a tax imposed by a government on imported goods, services, or both. It is designed to protect domestic industries from foreign competitors.
In general, tariffs increase the cost of imported goods, making them less competitive in the domestic market. For example, a country may impose a tariff on imported cars in order to encourage citizens to buy domestically produced vehicles.
Tariffs can be specific (a fixed fee per unit of imported goods) or ad valorem (a percentage of the value of the imported goods). They can also be applied to a wide range of goods, including raw materials, finished products, and services.