Tariffs and their Impact on Global Trade and Local Economies

In order to create sustainable societies, countries follow the well-known principles of supply and demand of goods that are involved in international trade. Due to the current importance of this trade, some important regulations have been implemented to maintain order in this flow that takes place beyond national borders. These regulations can be exemplified by the different tariffs that regulate the global market. According to Merriam-Webster dictionary, a tariff is “a schedule of duties imposed by a government on imported or in some countries exported goods.” Nowadays, tariffs are an important concept in International Business, for it involves other topics as the difference in cultures, economic trends, and international politics.