A tax on goods brought in from another country. It usually makes those goods cost more.
The importing business pays it at the border, and part of the cost is often passed on to shoppers. Supporters see tariffs as a way to protect local jobs and pressure other countries; critics see a tax that raises prices and invites tariffs in return.
"A new tariff on steel makes imported steel more expensive than steel made at home."
Filed under money and the economy in the glossary, with every word used on How I Lean.
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