A repeated phrase in Eliot initially identifying taxes (7)
I believe the answer is:
tariffs
'taxes' is the definition.
(tariffing is a kind of taxing)
'a repeated phrase in eliot initially' is the wordplay.
'repeated phrase' becomes 'riff' (I've seen this in another clue).
'in' is an insertion indicator.
'eliot initially' becomes 'TS' (initials of poet TS Eliot).
'a'+'riff'='ariff'
'ariff' going inside 'ts' is 'TARIFFS'.
'identifying' is the link.
(Other definitions for tariffs that I've seen before include "taxes" , "List of customs duties or charges" , "Lists of charges" .)