In the article "What Are Tariffs?" by Kyla Scanlon, the author explains tariffs as taxes imposed by governments on imported goods and services. These taxes are intended to protect domestic industries from foreign competition, generate revenue, and influence trade balances. Scanlon highlights that tariffs can lead to increased prices for consumers and can trigger retaliatory measures from other countries, potentially leading to trade wars. The article also discusses the various types of tariffs, such as ad valorem tariffs (a percentage of the value) and specific tariffs (a fixed fee per unit), and considers the economic implications of their implementation.

Key Points:

• Tariffs are taxes levied on imports by governments.
• They protect domestic industries and generate government revenue.
• Tariffs can lead to higher consumer prices and potential trade wars.
• Types of tariffs include ad valorem (percentage-based) and specific (fixed fee).
• Economic implications include effects on trade balances and international relations.
  Link to Article