Tariffs, taxes imposed on imported goods from other countries, have existed since the dawn of civilization. They have recently become a focal point in the United States' push for a protectionist policy aimed at safeguarding domestic labor and industry. Countries often use tariffs as a tool to achieve this goal. Given the interconnectedness of global trade, the tariffs imposed by one country can have widespread effects around the world. How countries respond to another nation's tariffs can significantly influence their economies, potentially leading to trade wars and worsening recessions. Nations affected by tariffs may choose to impose retaliatory tariffs. To gain a clearer understanding of tariffs, their impacts, and what this could mean for you, watch the video below.
| Ad Valorem Tariff | A fee calculated as a percentage of the value of the imported or exported good. |
|---|---|
| Dumping | The practice of selling goods at prices lower than the market value. |
| Fair Trade | An approach to international trade that ensures all countries receive fair and honest payments |
| Free Trade | An economic policy that promotes international trade without restrictions |
| Import quota | A specific limit set on the quantity of a particular imported product, intended to support domestic industries against foreign competition. |
| Protectionism | A policy designed to protect and support domestic industries by imposing taxes on imported goods. |
| Retaliatory Tariff | A tariff imposed to counteract increased tariffs from another country. |
| Specific Tariff | A fixed fee charged on a specific imported item. |
| Tariffs | Taxes imposed on imported goods from other countries. |
| Trade Barrier | Any measure that restricts the free exchange of goods between countries. |
| Trade War | A term used to describe conflicts or disagreements over trade between countries. |
Regional Comprehensive Economic Partnership by 
Trade Therapy: Deepening Cooperation to Strengthen Pandemic Defenses by
TradeTherapy: Deepening Cooperation to Strengthen Pandemic Defenses provides new data on trade in medical goods and services and medical value chains, surveys the evolving policy landscape before and during thepandemic, and proposes an action plan to improve trade policies and deepen internationalcooperation to deal with future pandemics.
The Wall and the Bridge: Fear and Oppertunity in Disruption's Wake by
An informed argument for an economic policy based on bridges of preparation and adaptation rather than walls of protection and exclusion.
Legal and Economic Principles of World Trade Law by
Legal and Economic Principles of World Trade Law contributes to the analysis of the texts of World Trade Law in law and economics, reporting work done to identify improvements to the interpretation of the Agreement.
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This page was originally developed by Paola Diaz.
First published: May 2025
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