In his first term, President Donald Trump began a trade war by imposing nearly $80 billion worth of new import taxes, or tariffs, on a broad range of goods Americans buy from overseas businesses. Now as a candidate, Trump has proposed even more tariffs that would potentially apply to every single import purchase Americans make. Import tariffs are taxes levied on goods entering a country, collected at customs, and paid by the importing business or individual. Tariffs have significant consequences, including higher prices for American businesses and consumers, misallocation of resources, higher production costs, currency appreciation, and foreign retaliation.
Source Tax Foundation
