Information from Council of Foreign Relations
• Definition: Tariffs = taxes on imported goods—countries charge these to make foreign products more expensive 💴
• Protect Local Producers: Makes imported goods more expensive, giving domestic businesses a price advantage 📈 • Retaliation Tool: Used to respond to unfair trade practices by other countries . ✋ • Policy Objectives: Recent U.S. tariffs aim to curb drug trafficking, compete with China, and lower trade deficits . ⚠️