Customs Tariffs
Customs tariffs are taxes imposed by a government on goods imported from other countries. These tariffs are designed to regulate trade, protect domestic industries, and generate revenue for the government. When products cross international borders, customs tariffs can affect their final price, making imported goods more expensive compared to locally produced items.
Countries set different tariff rates based on the type of product and its origin. For example, agricultural products may have different tariffs than electronics. By adjusting these rates, governments can influence trade patterns and encourage consumers to buy local products over foreign ones.