noun
- taxes imposed by a government on imported or exported goods
Usage: economics; plural of tariff
Examples
- The new tariffs on steel will increase manufacturing costs.
- Trade wars often involve countries imposing tariffs on each other’s goods.
- High tariffs can protect domestic industries but may raise consumer prices.
- The government reduced tariffs to encourage international trade.
- Import tariffs generated significant revenue for the treasury.
- Many economists argue that tariffs ultimately harm economic growth.