Tariffs Erode Purchasing Power of Family Budgets

The U.S. Government imposes 12,000 specific tariffs on imported products. Here are the top 25. Tariffs increase the cost of products, making you less likely to buy them. Tariffs are supposed to discourage you from buying them and also protect domestic makers of these products and the jobs that produce them. Since there are usually more customers than workers for a given product, every customer pays more than if there was no tariff and those workers supposedly keep their jobs. Everybody (customers) pays a little higher price for something so fewer people (employees and owners) can get the bigger benefit. Nice theory but it doesn’t work.

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