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What Are Tariffs?

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What is a tariff? A tariff is a tax or duty to be paid on a particular class of imports coming into a country.

 

Now that you know the definition of a tariff you can learn how it will impact you. Since a tariff is essentially a tax that can mean higher taxes for the consumer. The idea of the tariff was put in place to make American made, and purchased more attractive vs. cheaper items that come into the county at a lower rate. Think this may not affect you, think again. Some of the goods that may have higher taxes are as follows.

  • Cars
  • Trucks
  • Canned Goods
  • Pop/Soda
  • Aircrafts
  • Furniture
  • Appliances

Businesses will have four options to make up for the losses, simply eat the cost and accept lower profit margins, pass the costs onto consumers, or cut cost in other areas such as paying workers.

Play the video below for further details.
Video provided by INVESTOPEDIA

 

 

Gabrielle M. Daniel
Vice President at SOS 1040 PLUS, LLC
Phone 330-836-2100
Email gd@sos1040.comWebsite www.sos1040.com

 

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