#SecureYourAssets Tariffs are taxes imposed by a government on imported goods. They are often used to protect domestic industries by making foreign products more expensive, thereby encouraging consumers to buy locally produced items. While tariffs can help local businesses grow and preserve jobs, they can also lead to higher prices for consumers and strained international trade relations. Countries affected by tariffs may retaliate with their own, leading to trade wars. Economists often debate the effectiveness of tariffs, as they can both support and hinder economic growth depending on how they are implemented and the broader global economic context.