U.S. Tariffs refer to taxes imposed by the United States government on imported goods and services. These tariffs are used to regulate trade, protect domestic industries, and generate revenue for the government. When tariffs are applied, the cost of foreign products increases, which can encourage consumers to purchase domestically produced items instead. Tariffs can vary based on product type, country of origin, and trade agreements. They play a significant role in U.S. trade policy and can impact international relations, trade deficits, and the overall economy. Tariffs can be classified into two main types: specific tariffs, which are fixed fees based on the quantity of the good, and ad valorem tariffs, which are based on the value of the good. Changes in tariff rates can lead to trade disputes and negotiations between countries.
U.S. imposed new tariffs under Trump, sparking retaliatory measures from China and Canada. China targets U.S. agriculture, planning tariffs on items like chicken, cotton, corn, and wheat. Canada responds by…