Trump’s new tariffs would hit metals imports
Tariffs: A Look at Their History, Use, and Impact on the Global Economy Tariffs are one of the oldest tools in international trade, yet they remain a hot topic in today’s global economy. Whether in discussions about trade wars, local industry protection, or rising prices for everyday goods, tariffs continue to shape economies and influence the way countries interact. But what exactly are tariffs, and why do governments use them? More importantly, how do they affect us today? helped protect Japanese farmers from cheaper foreign rice. While this supports domestic agriculture, it also means that Japanese consumers pay higher prices for imported food products. Similarly, the European Union has placed tariffs on steel and aluminum to protect its manufacturing sector from foreign competition, ensuring that local producers remain competitive in the market. For consumers, tariffs often mean higher prices. When a country imposes tariffs on imported goods, companies usually pass the extra cost o...