Think about your life. Tariffs will be added to what you pay for items. Your food (fruits, vegetables, meat, coffee, tea, chocolate) is imported and will be subject to tariffs. Medicine, medical machinery, machine parts, building material, wood, wood chips, car parts and computer chips are all imported.…
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tariffs
Both Biden and Trump are trade protectionists, which means they are willing to put tariffs—taxes, essentially—on imported items. Tariffs make imported items more expensive, which is supposed to create more reasons to produce those things in the United States. Do tariffs produce such magic? To answer, it’s important to first understand how international trade works.…