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A tariff is a tax on imported goods designed to protect local jobs and industries by making foreign products more expensive. President Donald Trump introduced significant tariffs during his terms, including a 20% duty on Chinese imports and 25% tariffs on products from Canada and Mexico, marking a major shift in U.S. trade policy. These tariffs aim to encourage consumers to purchase more domestic goods by increasing the cost of foreign alternatives.

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12 views1 page

F 4

A tariff is a tax on imported goods designed to protect local jobs and industries by making foreign products more expensive. President Donald Trump introduced significant tariffs during his terms, including a 20% duty on Chinese imports and 25% tariffs on products from Canada and Mexico, marking a major shift in U.S. trade policy. These tariffs aim to encourage consumers to purchase more domestic goods by increasing the cost of foreign alternatives.

Uploaded by

daridramohand
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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A tariff is a tax on imported goods usually aimed at protecting local jobs and industries

from foreign competition. The idea is that if foreign materials and products are more
expensive, you’ll buy more domestic goods.

Suppose, for example, that the U.S. government levied a new 10% tariff on cars imported
from Japan. The tariff would push the price of a $50,000 Japanese vehicle to $55,000. So,
because the Japanese car is now more expensive, in theory, a similar American-made
vehicle becomes more appealing to buyers.

During his first term in office, President Donald Trump introduced tariffs on about $380
billion worth of goods, breaking with decades of free trade policy. Now, just months into his
second term, he imposed more and bigger tariffs, implementing a 20% duty on Chinese
imports and 25% tariffs on products from Canada and Mexico. The moves amount to a
seismic shift in US trade policy that targets our three biggest trade partners.

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