What are tariffs? Here's how they affect the economy and your wallet

The video explains tariffs as taxes on imports, highlighting their economic impact. It covers tariff policies under Trump and Biden, noting Biden's increase on Chinese goods. Historical tariffs, like the 1930 Smoot-Hawley Act, are discussed for their economic effects. The video examines market reactions to tariffs, their role in revenue, and potential consumer impacts, such as price increases. It concludes with a discussion on tariffs as tools for trade negotiations and their future implications.

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