Both Biden and Trump want higher tariffs. Here’s what voters need to know

No matter who wins the presidential election in November, American businesses can expect to pay more to import certain foreign-made goods.

No matter who wins the presidential election in November, American businesses can expect to pay more to import certain foreign-made goods. Former President Donald Trump, who has referred to himself as a “Tariff Man,” has called for increasing tariffs on all imports. Meanwhile, President Joe Biden – who has kept most of Trump’s tariffs in place for the past three-plus years – said Tuesday that his administration will increase tariffs on some Chinese-produced goods, including electric vehicles, semiconductors and steel. The two presidential candidates are usually far apart on the issues, but a protectionist trade policy is where they find common ground. Tariffs can be politically popular, even though many economists agree they are costly tools that don’t always boost domestic industries as promised. Still, there are major differences to note between Trump’s call for sweeping tariffs and Biden’s more targeted approach. Here’s what voters should know: Starting in 2018, Trump imposed new tariffs of up to 25% on foreign-made washing machines, solar panels, steel and aluminum, as well as many Chinese-made goods, including baseball hats, luggage, bicycles, TVs and sneakers.