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What are tariffs, and how do they work? Simply put, a tariff is a fancy name for a tax — just like property taxes or sales taxes. Instead of applying to real estate or goods and services, though ...
Tariffs could be "a useful part of the toolbox when talking about trade policy," Gold said. But it can't be the only tool, he added. Overall, the situation is complicated, Gold said.
Trump's remarks came the same day as a new analysis suggest his tariff plans could generate $1.5 trillion over the next decade. Tariffs are a tax paid on imports or exports.
U.S. tariff rates vary: They are generally 2.5% on passenger cars, for instance, and 6% on golf shoes. Tariffs can be lower for countries with which the United States has trade agreements. For example, most goods can move among the United States, Mexico and Canada tariff-free because of Trump’s US-Mexico-Canada trade agreement.
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The incoming president's recent comments could result in a challenging four-year trade war, similar to his first term, which saw tariffs of 7.5%-25% and disruption of global supply chains.
Many consumer electronics excluded from current tariffs are unlikely to escape blanket tariffs, said Ed Brzytwa, vice president of international trade at the Consumer Technology Association, a ...
Those tariffs did cause limited harm by raising costs to some US producers. But that came at a relatively benign time for the economy, when inflation was low and the massive COVID-era supply chain ...