How Do Tariffs Work? | Who Pays, Imports, Consumers, & Example | Britannica
How Do Tariffs Work? | Who Pays, Imports, Consumers, & Example | Britannica
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How do #tariffs work? 1. We tax imported goods: When goods come into the US, we add a tax (tariff) to the price. 2. The importer pays the tariff: The company bringing the goods into the US pays the tariff. 3. The #cost gets passed on to us: The importer adds the tariff cost to the price of the goods, so we pay more. Example Let's say you want to buy a TV made in #China. Without tariffs, the TV costs $500. But with a 20% tariff, the importer has to pay an extra $100 (20% of $500). So, the TV now
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