What are tariffs? How Trump's tariff plan will work, who pays them, and how they could affect prices

By Business Insider   |   1 year ago
What are tariffs? How Trump's tariff plan will work, who pays them, and how they could affect prices

Tariffs are taxes on imported goods imposed by governments to protect domestic industries. President Trump threatened to levy tariffs on Mexico, Canada, and China. Tariffs can impact prices, employment, and the overall economy. They can lead to trade wars and affect consumer choices and job markets.

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