Tariffs are taxes imposed by a government on imports of goods and services. These taxes can be used to protect the economy of a country from cheap prices from products from another country.
Tariffs are usually used to protect domestic industries by making foreign goods more expensive. When a a tariff is applied to a foreign product, the price of the product goes up, this makes it more expensive for consumers. Domestic products would be preferred then. Domestic industries can then increase their sales.
Tariffs can also help protect national security. In times of armed conflict, for example, tariffs can be used to limit imports of goods from the enemy country. Import tariffs can help to ensure that a country has enough resources to support its own military operations.
Tariffs also generate revenue for the government. When a tariff is imposed on an imported good, the government collects revenue from the tax. This revenue can be used as part of the government expenditures.
Summarizing, tariffs can protect an economy by providing a level of protection for domestic industries, supporting national security, and generating revenue for the government.
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