Understanding Tariffs: What They Are and Why They Matter
Tariffs have become a buzzword in global economics, especially in an era marked by trade wars and shifting alliances. But what exactly are tariffs, and how do they impact everyday consumers, businesses, and international relations? What is a Tariff? A tariff is a tax imposed by a government on imported goods and services. Essentially, it increases the cost of foreign products, making domestically produced goods more competitive in the local market. Tariffs serve several purposes: Protect domestic industries from foreign competition. Generate government revenue. Leverage [...]
