Tariffs are taxes or duties imposed by a government on imported or exported goods. They are used primarily to regulate international trade, protect domestic industries from foreign competition, and generate revenue for the government. Tariffs can take various forms, including specific tariffs, which are fixed fees based on the quantity or weight of goods, and ad valorem tariffs, which are based on the value of the goods being imported or exported. Tariffs can impact prices, trade balances, and economic relations between countries, often leading to debates about protectionism versus free trade.
The Canadian beef market is currently experiencing remarkable price levels, yet an air of uncertainty hangs over due to potential tariffs from the United States. Despite these looming concerns, many…