Final answer:
An additional cost imposed on importers, making imported goods pricier and domestic products more competitive, is known as a tariff. Tariffs are taxes on imports used for revenue and industry protection, while nontariff barriers can also increase the cost and complexity of imports through regulatory measures.
Step-by-step explanation:
An additional cost that importers must pay, increasing the cost of imported products and making domestic products more attractive is called a tariff. Tariffs are taxes on imported goods which governments levy to generate revenue and to protect domestic industries from foreign competition. By increasing the price of imported products, tariffs make locally produced goods more competitively priced in comparison. For instance, a 5% tariff rate on imported large flat-screen televisions makes them more expensive than those produced domestically, thereby influencing consumers to purchase domestically made products.
Alongside tariffs, there are also nontariff barriers, which are measures like regulations, inspections, and paperwork that can increase the cost and complexity of importing products. These measures can indirectly protect domestic industries by making it more costly or difficult to import foreign goods. Anything from environmental regulations to safety standards can act as nontariff barriers, influencing international trade and the competitiveness of domestic versus imported goods.