A tariff is a tax on imported goods.

When a ship arrives in port a customs officer inspects the contents and charges a tax according to the tariff formula. Since the goods cannot be landed until the tax is paid it is the easiest tax to collect, and the cost of collection is small. Smugglers of course seek to evade the tariff. A "revenue tariff" is a set of rates designed primarily to raise money for the government. A tariff on coffee imports, for example (by a country that does not grow coffee) raises a steady flow of revenue. A "protective tariff" is intended to artificially inflate prices of imports and "protect" domestic industries from foreign competition. For example, a 50% tax on a machine that importers formerly sold for $100 and now sell for $150. Without a tariff the local manufacturers could only charge $100 for the same machine; now they can charge $149 and make the sale. The distinction between protective and revenue tariffs is subtle: protective tariffs in addition to protecting local producers also raise revenue; revenue tariffs produce revenue but they also offer some protection to local producers. (A pure revenue tariff is a tax on goods not produced in the country, like coffee perhaps.) Tariff Surcharge & Countervailing duties : A tariff surcharge is a temporary action, whereas countervailing duty is a permanent surcharge. Countervailing duties are imposed on certain imports when products are subsidized by foreign governments. These duties are thus assessed to offset a special advantage or discount allowed by an exporters government. Usually, a government provides an export subsidy by rebating certain taxes if goods are exported. Specific, Ad Valorem and Combined: Specific duties are a fixed or specified amount of money per unit of weight, gauge, or other measure of quantity. Based on a standard physical unit of a product, they are specific rates of so many dollars or cents for a given unit of measure ( e.g. $1/gallon, 25$/square yard, $2/ton, etc.). Ad valorem duties are duties according to value they are stated as a fixed percentage of the invoice value and are applied as a percentage to the dutiable value of the imported goods. Combined rates (or compound duty) are a combination of the specific and ad valorem duties on a single product. They are duties based on the both specific and ad valorem rate that are applied to an imported product. Single stage sales tax: It is a tax collected only at one point in the manufacturing and distribution chain. This tax is perhaps most common in the US, where retailers and wholesalers make purchases without paying any taxes simply by showing a sales tax permit. Cascade Taxes: these taxes are collected at each point in the manufacturing and distribution chain and are levied on the total value of a product, including taxes borne by the product at earlier stages. Turnover and Equalization tax: This tax is intended to compensate for similar taxes levied on domestic products.

Nontariff barriers are another way for an economy to control the amount of trade that it conducts with another economy, either for selfish or altruistic purposes. Any barrier to trade will create an economic loss, as it does not allow markets to function properly. The lost revenues resulting from the barrier to trade can be called an economic loss. An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically. It is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. Quotas, like other trade restrictions, are used to benefit the producers of a good in a domestic economy at the expense of all consumers of the good in that economy.

Absolute quotas limit the quantity of certain goods that may enter the commerce of the United States during a specific period. Once the quantity permitted under an absolute quota is filled, no further entries or withdrawals from warehouse for consumption of merchandise subject to the quota are permitted for the remainder of the quota period. Importers may hold shipments in excess of a specified absolute quota limit until the opening of the next quota period by entering the goods into a foreign trade zone or bonded warehouse. The goods may also be exported or destroyed under U.S. Customs and Border Protection (CBP) supervision. Tariff rate quotas permit a specified quantity of imported merchandise to be entered at a reduced rate of duty during the quota period. There is no limitation on the amount of merchandise that may be imported into the United States, however quantities entered in excess of the quota limit during that period are subject to a higher duty rate. If the importer has not taken possession of the goods, and elects not to pay the higher rate of duty, they may enter the goods into a foreign trade zone or bonded warehouse until the opening of the next quota period, or export or destroy the goods under CBP supervision 'Exchange Control' Types of controls that governments put in place to ban or restrict the amount of foreign currency or local currency that is allowed to be traded or purchased. Common exchange controls include banning the use of foreign currency and restricting the amount of domestic currency that can be exchanged within the country. Multiple exchange rates A system where a country will have both fixed and floating foreign exchange rates at the same time, and both can be used when exchanging currencies in that country. In this situation, the market is divided into any number of segments, each with its own exchange rate. This is frequently used to give preferential treatment to people dealing with goods and products that are the most important to the country; people importing these goods can be given a better exchange rate than people who are importing goods that are not as necessary for the country. If a country only imposes two different exchange rates at the same time, it is referred to as a dual exchange rate system. Prior Import Deposit A required sum that must be deposited by an importer into a commercial or central bank prior to importing products from the company. This is typically a condition exercised by nonpreferential trading partners.