What does Tapered Fit mean?

Pants that narrow towards the bottom.

Heddels explains Tapered Fit

Unlike boot cut jeans, which widen towards the bottom, tapered jeans become skinnier as they reach the ankle. They are usually fairly form-fitting and considered a type of skinny jeans; however, companies also make tapered jeans that are simply roomier at the top and narrower towards the ankle.

Additional Resources

Naked & Famous tapered fit Linen Blend Denim:

Source: nakedandfamousdenim.com