A tariff is a tax or duty imposed on imported or exported goods by a government. It is usually levied as a percentage of the value of the goods and is intended to protect domestic industries, raise revenue, or regulate trade. Tariffs can be imposed to make imported goods more expensive and less competitive with domestic products, thereby encouraging consumers to purchase domestic goods. Tariffs can also serve as a source of revenue for a government, as the taxes collected on the imported goods are added to the price paid by the consumers.
