A tariff is a type of tax thatโ€™s imposed by governments to restrict imports โ€“ they typically mean imported goods cost more and so are less attractive to the companies or consumers that might otherwise buy them. Tariffs are considered to be โ€œprotectionistโ€ as they, in theory, protect domestic goods from foreign competition. Theyโ€™re often imposed and counterimposed during trade wars as countries go tit-for-tat with one another.

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