What are tariffs?

What are tariffs?

Tariffs are taxes or duties imposed on imported goods by a government.

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Why are they used?

Their intent is to protect domestic industries, encourage local production, generate government revenue, reduce reliance on foreign goods or respond to trade policies of other nations.

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What is their potential impact?

Tariffs raise prices for consumers, affect trade relationships with other countries, and influence economic growth.

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What happened with tariffs during Trump’s first term

S&P 500 Index Growth of $10k and YoY % Change in CPI

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Imports: Average effective Tariff Rates

Since 1790

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Tariff Revenue as a share of Total Federal Receipts

Since 1790

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Federal receipts: Customs Duties

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Simple Average Tariff Rates: U.S. & top 10 Trading partners

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Largest import partner as a share of overall imports

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Largest export partner as a share of overall exports

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Overall trade as a share of state GDP

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Import value of U.S. top trading partners

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Value of U.S. top 5 imported products by type of product and country of origin

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Exports as share of GDP: U.S. & Top 5 Trade Partners