"Tariffs: Import Taxes"

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Tariffs

torontosun

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Business

Business & Economics

Here’s what tariffs are and how they work

Summary

Nutrition label

80% Informative

Tariffs are typically charged as a percentage of the price a buyer pays a foreign seller.

In the United States , tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country.

U.S. tariff rates vary: They are generally 2.5% on passenger cars, for instance, and 6% on golf shoes.

A study by economists at the Massachusetts Institute of Technology , the University of Zurich , Harvard and the World Bank concluded that Trump ’s tariffs failed to restore jobs to the American heartland.

The number of jobs at U.S. steel plants barely budged: They remained right around 140,000 ; Walmart alone employs 1.6 million people in the United States .

China responded by slapping tariffs on American goods, including soybeans and pork.

VR Score

Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

possibly offensive

Hate speech