What are tariffs?

Tariffs are essentially taxes imposed on imported goods as a form of government policy designed to regulate foreign trade. They serve multiple purposes, such as protecting domestic industries from foreign competition by making imported goods more expensive, generating revenue for the government, and controlling the volume of imports. The imposition of tariffs can influence market prices, affect the balance of trade, and impact consumer choices.

The other options discuss different aspects of international trade but do not accurately define tariffs. Regulations for exportation of goods, fees related to customs inspections, and legal requirements for trade agreements all play significant roles in the broader context of trade, but they specifically do not refer to tariffs. Understanding tariffs is essential for professionals navigating customs and trade regulations, as they are fundamental to international commerce.