Tax levied by a government on imports and exports. The money collected from tariffs is called a customs duty. Although tariffs are a source of government revenue, tariffs are also used as part of political and economic policies.
A tariff is a tax on goods upon importation. When a ship arrives in port a customs officer inspects the contents and charges a tax according to the tariff formula.
USITC Tariff Database Note: The USITC is responsible for publishing the Harmonized Tariff Schedule of the United States (HTS); the U.S. Customs Service is responsible for ...
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