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] 0 points 1 month ago (1 children)

It is literally paid, first, by the company that imports the goods.

It is then paid again by the consumer in the higher price that they charge, and it it then paid again by the Chinese exporter in terms of reduced volume of exports.

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

Is there an exemption, say, if a Chinese person were immigrating to the US and they already owned an EV for several years and wanted to bring it with them? Or is there a massive import duty on things like that?