What it is
Tariffs, also called duties, are a type of tax that a government collects on goods and services that come from another country.
Governments may impose tariffs on all imports from specific countries or only on certain items. They might do so to increase revenue, protect local industries and jobs from foreign competition, support national interests, or any combination of these reasons.
What it means for you
Changes in tariffs may affect you as a consumer and as an investor. When tariffs are raised on foreign goods, those costs may be passed on to consumers, making these items more expensive.
The wider the coverage of the tariff increase, the more goods may be affected. Investors pay close attention to tariff decisions due to their potential impact on economic growth and financial markets.
These decisions can shape international trade and cause businesses to adjust their strategy. Such changes can affect the growth of certain companies or industries as well as their stocks.
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