TARIFF
Tax imposed on imported products and services. It is used to restrict trade as it increases the price of these goods and services. Money collected from tariff is called a customs duty or duty. The government uses the money to generate additional revenue or guard domestic industries from competition. There are two types of tariff: specific tariff is a fixed amount of money based on the item, while ad-valorem tariff is set based on the item’s percentage value.
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