Tariff https://d3fzrw9hngh8qa.cloudfront.net/glossary/Tariff.mp4 A tariff is a tax on imports of goods or services collected by the government of a country where the sale takes place. A tariff is meant to protect the domestic producers against foreign competition. It hurts consumers, who prefer lower prices. Related Articles: Educator Toolkit: Tariffs and TradeAre We Sinking into an Economic Recession?