Tariffs Uncovered: Who Bears the Burden?

Tariffs, often considered import taxes, have emerged as a pivotal topic within global economic discussions. They are taxes imposed on imported goods, designed to elevate foreign prices, benefitting domestic businesses. Historically significant, tariffs have shaped trade policies, from the 1789 Tariff in the U.S. to modern political debates. Their resurgence, particularly under recent administrations, reflects rising protectionism and geopolitical strains. Economically, tariffs impact consumer prices and business viability, prompting ongoing discussions about their effectiveness and long-term implications for the economy. For individuals, understanding tariffs is essential to grasping their daily economic realities.