I am not understanding what Tariffs is. So my question is can someone explain to me what exactly it is and how does it have to deal with accounting?

Question 2:

Determine the retail price of the product after the tariff is imposed. In determining the retail price, you must decide how much of the tariff should be added to the retail price. What is the overall cost increase of the product? Make sure to determine the impact of the difference between the old and the new retail price both monetarily to the customer as well as to the manufacturer.

Product	Wholesale Cost	Import Tariff	Shipping	Total Cost	Retail Cost	Profit
Steel

3. What strategies might this company be employed to attempt to evade the tariff?

4. How might the competition take advantage of the tariff imposed upon the product manufacturing outside the US?