Meaning of the last paragraph ( in bold text ) [closed]

Solution 1:

The meaning of the two paragraphs is that after a great deal of witty conversation, Chamberlain indirectly informs his young hosts that they are ignoring what's really important in government, which is concrete actions rather than philosophy. This is, at any rate, one interpretation.

Thus, "tariffs" means "tariffs."

The two paragraphs are from a book by Winston S. Churchill titled "My Early Life." The book seems to have been published in 1930, but the events referred to are, according to the text, 1902-1908.

It would be helpful on such questions for the poster to indicate the source of the quotation.