#TariffsPause Tariffs are taxes imposed by a government on imported or exported goods. They are mainly used to protect domestic industries from foreign competition by making imported goods more expensive. Tariffs can also serve as a source of government revenue. When a country places tariffs on imports, it encourages consumers to buy locally made products, supporting local businesses and jobs. However, high tariffs can lead to trade wars, where countries retaliate with their own tariffs, potentially harming global trade. While tariffs can benefit certain industries, they may also result in higher prices for consumers and strained international relationships.