Conceivably, import tariffs are relatively insignificant taxes levied by a country’s government on goods that’re manufactured abroad and brought into said country; just as domestic manufacturers and consumers usually pay taxes when they buy and sell goods, business professionals that bring foreign products into a nation must typically pay some taxes as well (depending upon what’s imported and from where, with respect domestic laws).
In practice, however, many countries use import tariffs to protect certain local industries (by making foreign products uncompetitive due to the levied import tax), raise tremendous amounts of cash, and protect state-operated monopolies.
Let’s take a look at some of these countries now, in the following list of the world’s 15 largest import tariffs!
15. Venezuela—11.8% Import Tariff
Despite international pressure, a runaway socialist regime has usurped power in Venezuela, and the resulting debilitating regulations have affected most every sector of the market, including imports.