What is the primary goal of implementing tariffs?

The primary goal of implementing tariffs is to increase prices of foreign goods and protect domestic industries. Tariffs are taxes imposed on imported goods, which raise their prices in the domestic market. This price increase makes foreign products less competitive compared to local goods, encouraging consumers to choose domestically produced items. By protecting domestic industries, tariffs aim to safeguard jobs and stimulate local economic growth.

Moreover, when tariffs are imposed, they can also generate government revenue, helping to fund public services. However, the primary focus is on enhancing the competitive advantage of local businesses against international competition. Therefore, while protecting domestic industries and increasing prices for foreign goods are the main objectives, they can also indirectly support various economic strategies.