Explain Like I'm Five

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ELI5 how tariffs work. Are they not just like taxes one country puts on another? If so why do people especially republicans keep with Trump on imposing? Would it not hurt the US? (lemmy.world)

submitted 1 month ago by [email protected] to c/[email protected]

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[–] [email protected] 12 points 1 month ago (1 children)

In some cases if you don’t tariff it, the US consumer ends up paying for it in the long run. Artificially underpriced products are meant to drive domestic industries and other competitors out of business. You then end up with a monopoly that charges exorbitant prices at a later date and everyone domestically is out of a good paying job.

[–] [email protected] 8 points 1 month ago

That already happens domestically with large players. See Amazon and basically every small business out there. And we don't even get a bunch of jobs for it, because Amazon has mastered the use of robotics to minimize job production.