That is not Free or Fair Trade, it is Stupid Trade!”A look at what tariffs are, how they work, how they’ve been used in the past and what to expect now:___SO WHAT ARE TARIFFS? Sometimes, the U.S. will impose additional duties on foreign imports that it determines are being sold at unfairly low prices or are being supported by foreign government subsidies. Before the establishment of the federal income tax in 1913, tariffs were a big money raiser for the U.S. government. The formation of the World Trade Organization and the advent of trade deals like the North American Free Trade Agreement among the U.S., Mexico and Canada reduced tariffs or eliminated them altogether. Some U.S. companies that buy steel are complaining that Trump’s tariffs put them at a competitive disadvantage.

Source: Washington Post June 02, 2018 18:11 UTC