I have 0 maths or economy skills, so I do need it explained like I’m 5. They’re in the news a lot atm but I just don’t understand them
I have 0 maths or economy skills, so I do need it explained like I’m 5. They’re in the news a lot atm but I just don’t understand them
A tariff is a specific tax on imported goods.
The tarrif is paid by the person or company doing the importing.
The tarrif is paid to the government of the country the goods are coming into.
So, say I am in the US, and I order $1000 worth of goods directly from a Chinese supplier. When those goods arrive in the US, I need to pay a tax (the tariff) to the US customs department in order to receive those goods. If the US has imposed a tariif of 34% on Chinese goods, I owe the US government $340 before I can receive my goods.