Apparent Truth About Tariffs
AI Overview Sources:
“Smaller companies use products from overseas, so higher tariffs increase their costs. Those with foreign customers will be harmed. These businesses aren’t politically connected enough to avoid facing the worst effects of tariffs. And consumers must pay higher costs for products.”
“Tariffs increase the price of goods and services in domestic markets by applying a tax on imported goods that is paid by the domestic importer. To cover the increased costs, the domestic importer then charges higher prices for the goods and services.”
“Economists generally dislike tariffs because they see them as inefficient trade barriers that lead to higher prices, reduced trade, and economic distortions, ultimately harming overall economic growth and welfare.”
Economists are raising the probability of a recession in the next 12 months, with some putting the odds as high as 60%, citing the impact of Trump’s tariffs and potential global economic slowdown.
“Even after his backtracking, the president has done profound harm to the world economy.”
https://www.economist.com/leaders/2025/04/10/trumps-incoherent-trade-policy-will-do-lasting-damage
Other sources:
https://time.com/7275987/trump-tariffs-global-economy-recession-trade-war-asia-world-impacts
Posted April 9, 2025 by Score Card