A tariff is a tax imposed by a government on imports or exports of goods. Tariffs can be a source of revenue for the government and can also be used as a form of regulation of foreign trade and policy. The primary goals of imposing tariffs are to protect domestic industries and to generate revenue for the government. Tariffs can also be used to reduce the trade deficit, which is the difference between a countrys imports and exports.

Tariffs can have a significant impact on businesses and consumers. They raise prices and reduce available quantities of goods and services for U.S. businesses and consumers. Economists say that the costs of tariffs are largely passed on to consumers. Tariffs can also lead to retaliation from other countries, which can harm U.S. exports and lead to a trade war.

In summary, a tariff is a tax imposed by a government on imports or exports of goods. They can be used to protect domestic industries, generate revenue for the government, and reduce the trade deficit. However, tariffs can also raise prices, reduce available quantities of goods and services, and lead to retaliation from other countries.