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Here's what tariffs are and how they work

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Tariffs are typically charged as a percentage of the price a buyer pays a foreign seller. In the United States, tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country.
The article from the Stamford Advocate explains tariffs, which are taxes imposed on imported goods, and their implications. Tariffs serve multiple purposes: they protect domestic industries by making foreign goods more expensive, generate revenue for the government, and can be used as leverage in trade negotiations. The piece discusses how tariffs can lead to higher prices for consumers, potentially causing inflation, and might provoke retaliatory tariffs from other countries, leading to trade wars. It also touches on the historical context, mentioning that tariffs have been a tool in U.S. trade policy since the nation's founding, with significant impacts during events like the Smoot-Hawley Tariff Act of 1930, which many believe exacerbated the Great Depression. The article provides insights into the ongoing debate about tariffs, weighing their benefits in protecting local jobs against the potential for economic disruption and increased costs for consumers.

Read the Full StamfordAdvocate Article at:
[ https://www.stamfordadvocate.com/news/politics/article/here-s-what-tariffs-are-and-how-they-work-20201092.php ]