Terminology

What Are Tariffs and How Do They Affect Retail Prices?

When you hear the word "tariff," it might sound like political jargon, but it directly impacts your wallet. Tariffs have fueled heated debates recently, particularly as the United States imports over $500 billion in goods from China annually. With discussions of new tariffs, such as a proposed 60% tariff on Chinese imports and a 10% tariff on all other imports, consumers could see prices skyrocket on everyday essentials like electronics, clothing, and household goods.