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A '''tariff''' is a [[tax]] or custom duty on an imported [[good]]. It can take one of two forms: (1) a tax per unit, known as a specific tariff, or (2) a tax based on the value of the good, known as an ''[[Ad valorem tax|ad valorem]]'' tariff.
A '''tariff''' is a [[tax]] or custom duty on an imported [[good]]. It essentially is cover charge or entrance fee for access to a domestic market. It can take one of two forms: (1) a tax per unit, known as a specific tariff, or (2) a tax based on the value of the good, known as an ''[[Ad valorem tax|ad valorem]]'' tariff.
Prior to the [[income tax]], tariffs were the principal way for most of [[American history]] to support the [[federal]] government.
Prior to the [[income tax]], tariffs were the principal way for most of [[American history]] to support the [[federal]] government.