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What are tariffs and who pays them? See Trump's proposed tax plan now that he's president

The article from MSN discusses tariffs, which are taxes imposed on imported goods, and their implications under former President Donald Trump's proposed tax plan. Tariffs are typically paid by the importer, but the costs can be passed on to consumers, potentially increasing prices for goods like electronics, clothing, and automobiles. Trump's administration had introduced tariffs on various products, particularly from China, aiming to protect American industries and reduce trade deficits. These tariffs were part of a broader strategy to renegotiate trade deals and encourage domestic production. However, they also led to retaliatory tariffs from other countries, affecting U.S. exporters. The article outlines how these policies could influence the economy, potentially leading to higher costs for consumers, job losses in industries reliant on exports, and shifts in global trade dynamics. It also touches on the debate over whether tariffs help or hinder economic growth, with critics arguing that they might lead to trade wars and economic inefficiencies.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/what-are-tariffs-and-who-pays-them-see-trump-s-proposed-tax-plan-now-that-he-s-president/ar-AA1xA97K ]