Tariff
A tariff is a tax that one nation imposes on any imported goods or services from another country. Importantly, a tariff is paid for by the company that is importing the good or service and not the nation that imposes the tariff. Also known as levies or duties, tariffs impact the price of metrology products at the level of the consumer since often companies are forced to raise the cost of their parts and tools. Tariffs are intended to decrease foreign competition and increase government revenue. Used as an economic tool to negatively impact the foreign country from which the good or services are imported, more often tariffs result in a negative impact on American consumers.