What are tariffs?
Tariffs are taxes imposed by governments on imported goods. They may be used for a number of purposes, including protecting domestic industries, generating government revenue, retaliating against perceived unfair trade practices, and correcting trade imbalances.
Where they apply, such taxes must be paid by companies bringing foreign goods into the jurisdiction in question. Tariffs can vary based on factors such as the type of goods, their country of origin, and any relevant trade agreements.
There are three main types of tariff: ad valorem (stated as a fixed percentage of the item's value), specific (stated as a fixed fee per unit), and compound (a combination of both). Ad valorem tariffs are the most common.
In some cases, tariffs are imposed on a reciprocal basis, whereby a country levies duties on imports that match the tariffs imposed by other countries on its exports.
The range of new tariffs announced by US President Donald Trump during the early months of 2025 has led to an increased focus on import taxes and their effects. Notable among these are the country-specific tariffs announced on 2 April 2025, which aim to "rebalance global trade flows". Though described as "reciprocal tariffs" by the Trump administration, these new country-specific import taxes are calculated based largely on the size of each country’s respective trade surplus, rather than matching tariffs charged elsewhere directly.
Finding information on tariffs
There are various online portals through which information on tariffs may be accessed.
However, it is important to note that where tariffs are subject to change, it may take some time for these sources to be updated to reflect the current situation.
General sources
Databases and publications bringing together information on tariffs from across a wide range of jurisdictions include:
Jurisdiction-specific sources
In addition to the above sources, many countries and other jurisdictions have their own dedicated online information portals, through which they provide information on relevant tariffs. A list of many national tariff portals is maintained by the World Customs Organization.
Some examples include:
Predicting and tracking the impacts of tariffs
Tariffs can have significant economic effects, though the nature and extent of their impact is likely to vary depending on the context.
One common effect is an increase in the prices of imported goods, as companies pass on the extra costs to their customers. This may lead to an increase in overall inflation, or to job losses in industries reliant on imported materials, for example.
On the other hand, some domestic industries might benefit from the imposition of tariffs, as they are shielded from foreign competition.
Other possible impacts of tariffs include reduced or diverted trade volumes, supply chain disruptions, and changes in consumer behaviour.
It can be difficult to predict and to measure the precise economic effects of tariffs. This can create uncertainty for businesses, affecting investment decisions and long-term planning.
However, there are various sources of information which can help you to gauge their potential and actual impacts. These include both global economic surveys — for example those published by the IMF, World Bank, and OECD — and country-specific publications such as HM Treasury's monthly summary of forecasts for the UK economy.
For the latest ICAEW commentary on the economy, including the impact of tariffs, please see our economy and business environment hub page.
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