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Tariffs

Taxes imposed by a government on imported goods or services, typically to protect domestic industries or generate revenue.

Duties

Another term for tariffs; a tax levied on goods entering a country.

United States International Trade Commission (USITC)

An independent, nonpartisan federal agency that provides trade expertise to both the legislative and executive branches of government, conducts investigations, and publishes reports on international trade and U.S. competitiveness.

Retaliation

Actions taken by one country, often in the form of imposing its own tariffs or trade restrictions, in response to trade measures taken by another country.

Consumer Price Index (CPI)

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; changes in the CPI are used to assess price changes associated with the cost of living.

Producer Prices

The average change over time in the selling prices received by domestic producers for their output; it measures inflation from the perspective of the seller.