Tariffs are an interesting thing considering they can have some significant advantages and disadvantages. Often when a country imposes a tariff it causes trade tensions with the other country and

Tariffs are an interesting thing considering they can have some significant advantages and disadvantages. Often when a country imposes a tariff it causes trade tensions with the other country and if things escalate this could lead to a trade war. Unlike most wars a trade war can have its upside as it does growth of domestic produced products and can lower the countries deficit. When Trump was in office he imposed tariffs on multiple countries under the thought process that it would the American workforce (specifically in the manufacturing sector). When President Biden came into office he replaced tariffs on European and Japanese steel but left many tariffs in place for other countries. The tariffs that were put in place are estimated to have increased annual consumer cost by $51 billion. The tariffs caused importers to move away from China and have to reorganize their supply chains. Due to the implementation of tariffs other nations began issuing retaliatory tariffs, currently 5 countries have enacted tariffs on up to 70% of US exports. The implementation of some of these tariffs has caused definite tension, especially when they were levied against China, Mexico and Canada (the Mexico and Canada tariffs have been removed but Chinas tariffs remain).

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