TARIFFS at Political Glossary
What is it? a tariff is a tax imposed on imported goods that increases the cost of the goods to importers, and hence increases the price of these goods on the market. Domestic goods, of course, pay no tariffs, and the price is lower than the imports. In this way many countries have protected their own industries from foreign competition. The spread of free trade has removed most tariffs, and removed the protection countries can give to their own industries. The industrial capital of Canada was built over 60 years behind tariff walls, most of which have now been removed by free trade agreements.Political Definition Added By: Allison
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