Customs duties on merchandise imports Levied either on an ad valorem basis (percentage of value) or on a specific basis (e g $7 per 100 kgs ) Tariffs give price advantage to similar locally-produced goods and raise revenues for the government
Tariffs are the taxes that a government places on the imports that come into the country They are an important source of revenue for a government, but can also be used to make imports more expensive and reduce competition for local producers