What is a tariff and how does it work?
CNN
Tariffs have dominated headlines since President Donald Trump took office just over two weeks ago, as he threatened steep, sweeping tariffs on goods the United States imports from its three largest trading partners — Mexico, China and Canada — on Tuesday.
Tariffs have dominated headlines since President Donald Trump took office just over two weeks ago, as he threatened steep, sweeping tariffs on goods the United States imports from its three largest trading partners — Mexico, China and Canada — on Tuesday. These tariffs risk making a wide range of goods Americans buy much more expensive — and could also hurt domestic businesses if the three countries respond with retaliatory tariffs on American goods. But for all this talk about tariffs, you may be wondering: What exactly is a tariff and how does it work? Hours before 25% tariffs were set to go into effect on all Mexican and most Canadian goods, Trump said he reached agreements with leaders of both nations to delay enacting new tariffs for at least another month. However, a 10% tariff on all goods coming to the US from China took effect at 12:01 a.m. ET on Tuesday. China immediately retaliated with tariffs on some energy and metals imports. The definition of a tariff is fairly straightforward — it’s a tax on goods coming from another country.
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