How Tariffs In The EU Work

Source: International Business Times

If tariffs increase, the main question is whether companies pass on the additional costs to the consumer  AFP Customs duties, or tariffs, have become a political punching ball as the European Union prepares to respond to US President Donald Trump's recent offensive. But what exactly do we mean when we talk about tariffs? How does the EU policy work? Who pays them and what are they for?Some answers:Used by almost every country, tariffs are a tax on products imported from abroad. They take many forms, the most common being a percentage of the economic value of the product -- the "ad valorem" duty.