Tax on the import and export of goods
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A tariff is a tax on imports or exports between sovereign states. It is a form of regulation of foreign trade and a policy that taxes foreign products to encourage or safeguard domestic industry. Taxing items coming into the country means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead - boosting the country's economy. Tariffs are meant to punish foreign countries for unfair trade practices, like subsidizing their exporters and dumping their goods at unfairly low prices. It reduce pressure from foreign competition and is supposed to be used to reduce imports and thus reduce the trade deficit. The tariff is historically used to protect infant industries and to allow import substitution industrialization.
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