The truth about tariffs
A tariff is a duty (tax) imposed by the government of a country or customs territory, on imports (or, exceptionally, exports) of goods. Let’s have a factual look into Trump’s “Liberation Day” – the day of the Tariff proclamation. After looking into the history of tariff’s, we are wondering why Trump didn’t impose universal tariffs – that are equal to (at a minimum) what other countries were charging us in 2018. What has been going on for a very long time isn’t fair to American workers and manufacturers. Albeit there are not as many manufacturers as there used to be – because of tariffs and the lack thereof coming into the U.S.A. Hopefully that will change in the very near future especially for necessities – such as pharmaceuticals. Let’s look at what happened in 2018 with the Steel Tariffs. Trumps steel tariffs in his first term led to a gain of thousands of jobs in the metal industry and wage increases. There was a boon to the Minnesota iron ore industry with state leaders crediting them for strengthening the local economy. Steel and aluminum imports decreased and created a wave in investments across the US – with more than $10 billion committed to build new manufacturing facilities. There were reports from media such as:
