tariffing
Tariffing is the process by which a government imposes tariffs on goods crossing its borders. A tariff is a tax or duty levied on imports (and, less commonly, on exports) that raises revenue for the state and can alter the price and flow of trade. Tariff policy is used to protect domestic industries, influence employment, and address balance-of-payments concerns, while also serving as a bargaining instrument in international relations. Tariff schedules specify the rates by commodity, country of origin, and whether a preference applies.
Tariffs come in several forms. Ad valorem tariffs are assessed as a percentage of the goods' value;
The effects of tariffing include higher import prices, reduced consumer welfare, and altered production incentives for
In the international system, tariffing is governed by rules and agreements under the World Trade Organization