A tariff is a tax imposed by a government on imported goods, serving as a trade barrier to raise their cost and protect domestic industries by making foreign products less competitive.
The importing company typically pays the tariff at the border, passing the cost on to domestic consumers in the form of higher prices. Governments use tariffs to generate revenue, protect local businesses, and sometimes to gain leverage in international trade negotiations.
Tariffs are not necessarily good or bad. They are an economic tool with trade-offs that can benefit certain domestic industries and protect jobs, but also increase consumer prices, slow overall economic growth, cause market inefficiencies, and potentially trigger retaliatory tariffs from other countries. Their actual impact depends on how, why, and for how long they are implemented, with effective tariffs often being temporary, targeted measures rather than broad, permanent policies
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