The Trump Administration’s Essay On U.S. Imports.

Background on Tariffs and Their PurposeTariffs started in 1789 in the US as a means to increase the price of imports or penalize foreign countries from committing unfair trade regulations, such as subsidizing their exporters or even unfairly lowering prices of their products. Imposing tariffs results in fewer consumers willing to buy foreign goods and instead purchase domestic goods. After World War II tariffs fell out of favor due to a global…