Trivia: What is a tariff?
A specific corporation
A type of mutual fund
A tax on imports
A kickback
The correct answer is A tax on imports
So why is this answer correct? : A tariff is a tax on goods imported from one country to another. Tariffs have a long history in the U.S. In fact, the first major piece of legislation ever passed by Congress was the Tariff Act of 1789 to raise revenue for the new U.S. government. Tariffs often protect domestic industries from foreign competition but can also be used as political weapons against other nations.