Economist Erica York joins Scott Hodge, President Emeritus and Senior Policy Advisor at the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation, to discuss one of the most misunderstood issues in tax policy: tariffTariffs are taxes imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers. s.
Depending on your perspective, tariffs are either a great way to tax countries like China for their protectionist trade policies or they are a big reason why all those imported toys, clothing and holiday gifts cost more than you expected.
You’ll learn what tariffs are, how they function, and how they can impact the domestic U.S. economy.