#TariffsPause #TariffsPause Tariffs are taxes imposed by a government on imported goods. They are used to protect domestic industries by making foreign products more expensive, encouraging consumers to buy local alternatives. Tariffs can be specific (a fixed fee per unit) or ad valorem (a percentage of the item's value). While they may help local businesses in the short term, tariffs can also lead to trade wars, higher prices for consumers, and reduced choices. Countries often negotiate tariff rates through trade agreements like the World Trade Organization (WTO). In some cases, tariffs are used strategically to retaliate against unfair trade practices. However, overuse can harm global trade relationships and economic growth. Tariff policy remains a key tool in international trade strategy.