What refers to tax or duties placed on imported products to raise their prices?

The term that refers to taxes or duties imposed on imported products to raise their prices is "tariffs." Tariffs are utilized by governments to increase the cost of imported goods, making them less competitive compared to domestically produced products. This can serve multiple purposes: protecting local industries, generating revenue for the government, and influencing consumer behavior.

When tariffs are applied, they effectively raise the overall price of imported goods, which can discourage consumers from purchasing these products in favor of cheaper domestic alternatives. This mechanism is a common tool in international trade policy, helping countries protect their economic interests and promote local manufacturing.

The other terms have distinct meanings. Quotas refer to limits on the quantity of a product that can be imported, which restricts supply rather than raising prices directly. Subsidies involve government financial support to local industries to lower their production costs and enhance competitiveness without imposing extra charges on imports. Embargoes are official bans on trade with specific countries or the exchange of certain goods, often implemented for political reasons rather than economic ones.