What is a tariff? How the Trump administration plans to implement them in 2025

The video tutorial discusses tariffs, explaining them as taxes on imports that affect importers and consumers. It covers the historical role of tariffs in the US, their decline post-WW2 to promote trade, and the resurgence during Trump's presidency, which led to a trade war with China. The tutorial also touches on the economic impact of tariffs on GDP and households, and the continuation of some tariffs under the Biden administration.

What is the primary function of tariffs as discussed in the video?

• To encourage exports

• To penalize importers

• To increase domestic production

• To reduce government revenue

How did tariffs serve the US government before 1914?

• As a means to control inflation

• As a method to promote local businesses

• As a primary source of federal revenue

• As a tool for international diplomacy

What was the impact of Trump's tariffs on the US economy?

• Boosted international trade

• Lowered GDP and employment

• Decreased household taxes

• Increased GDP and employment

What strategy did Trump imply by raising tariffs?

• To permanently increase import costs

• To support local manufacturers

• To negotiate tariffs back down

• To eliminate trade with China

What has the Biden administration done regarding Trump-era tariffs?

• Focused only on European imports

• Doubled the tariffs

• Kept some tariffs and added new ones

• Removed all tariffs