Import tariff is the tariff levied by a country's customs on imported goods and articles. Countries no longer use transit tariffs and export taxes are rarely used. The so-called tariffs mainly refer to import tariffs. Imposing import tariffs will increase the cost of imported goods, raise the market price of imported goods and affect the import quantity of foreign goods. Therefore, all countries regard import tariffs as a means to restrict the import of foreign goods. Proper use of import tariffs can protect domestic industrial and agricultural production, and can also be used as an economic lever to regulate domestic production and economic development. The basic formula for calculating import tariff is: import tariff = dutiable price × import tariff rate.
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