tariffs

Intermediate ⚖️ Legal

Definition

Government-imposed taxes on imported or exported goods that politicians love to threaten and economists love to debate. They're supposed to protect domestic industries but often just make everything more expensive for consumers. Also used for rate schedules and criminal sentencing guidelines, because one word should definitely mean three different things.

Example Usage

The president announced new tariffs on steel imports, immediately triggering retaliatory measures from trading partners.

Source: Trade law terminology

Related Terms