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WHAT IS A TARIFF:
A tariff is essentially an extra “tax” imposed when importing goods from one country to another, designed to make foreign products more expensive and encourage consumers to buy locally, which benefits the domestic economy. However, it’s important to note that this ‘tax’ is paid by the person or company importing the products – not by the country that makes the product. So, if Apple imports from China – Apple is responsible for paying the tariff – not China.
BENEFITS OF TARIFFS:
-They protect US Companies from Foreign Competition.
-Increased Job Growth.
-Higher Government Revenue.
-Favorable Trade Negotiations.
DOWNSIDES OF TARIFFS:
-Higher Prices For Everyone
-Retaliation From Other Countries
-A Decline In Economic Growth
-Less Competition Could Lead to Less Innovation
TARIFFS IN 2025:
On November 25th, it was announced that Trump would enact an executive order to create “an additional 10% tariff on Chinese imports, as well as an additional 25 percent tariff on Mexico and Canada.” These tariffs would continue until China, Mexico, and Canada addressed the movement of ‘bad things’ and undocumented people across the US border – and, the impact could be pretty significant.
After all, in response to these announcements, “Canada and Mexico said that they would retaliate with tariffs on U.S. products if tariffs on their U.S. exports were imposed” – and, as you would expect, China reflected the same sentiment, shortly after. Mexico’s president even said that “neither threats nor tariffs will solve the issue of migration or consumption of bad things.” (I made this PG for YouTube).
IMPACTS:
If history is any indication, Trump can move forward with tariffs using rather specific law, they wouldn’t be the “economic boom” that some people think it would be, and instead, it’s said that “The measures proposed could hit a number of strategic US industrial sectors hard, add approximately $272 billion a year to tax burdens, raise goods prices, lift interest rates, and sap strength in an already-vulnerable household sector.”
To make matters worse, in terms of existing tariffs: In 2022, they generated $80 BILLION DOLLARS for the US Government – which, was just 2% of all tax revenue – enough to keep the government running for just 15 days. This pretty much suggests that it would be IMPOSSIBLE to fund the US government with tariffs alone, and this is purely ‘wishly thinking’ with no chance of actually becoming a reality.
WHY TARIFFS NEXT YEAR?
The reality probably lies somewhere in the fact that the upcoming administration believes that our reliance on China is seen as a bad thing, both economically and politically – and, he could threaten tariffs as a way to negotiate a more favorable trade deal for the United States.
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