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A tariff is a tax or duty on a particular item or good. In general terms, tariffs exist due to various reasons. Some tariffs are placed simply to earn money for the government. Businesses wishing to import or export goods have to pay the tariffs or else risk legal problems with that government. Other tariffs exist as a form of protectionism, which ensures that domestic industries generate profitable amounts, in terms of importing goods. Tariffs also exist with the goal of protecting consumers. A government may levy a tariff on products that it feels could endanger its population.

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11y ago

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