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Tariffs are taxes imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers.
Most countries are limited by their natural resources and their ability to produce certain goods and services. They trade with other countries to get what people need and want. However, transactions between business partners are not always pleasant. Politics, geopolitics, competition, and many other factors can make trading partners unhappy.
One way governments deal with non-agreement trading partners is through tariffs. Tariffs are taxes that one country imposes to influence goods and services imported from another country, to increase income, or to protect a competitive advantage.
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