What are tariffs and how do they work – explained in 30 seconds

Fodder for protectionism, protracted trade wars, and the ‘most beautiful word’ in Donald Trump’s vocabulary – how do tariffs actually work?A tariff is a type of tax imposed on goods when they cross national borders, often used by governments against trading partners they disagree with or to protect local industries.Tariffs slapped on foreign imports make them more expensive, ostensibly providing a price advantage to locally made goods, while also raising revenues for governments. Continue reading...