Duties and tariffs are different types of fees imposed on goods entering a country to generate revenue for the government or protect domestic industries. Duties are based on specific product ...
When a tariff or other price-increasing policy is put in place, the effect is to increase prices and limit the volume of imports. In the figure below, price increases from the non-tariff P* to P'.
What Is the Difference Between a Tariff and a Tax ... Industrial goods includes all non-agricultural products, including cars, metals, clothing, and consumer goods, among others.