Hey there! 👋 Have you ever heard about tariffs? They’re like extra taxes that countries put on things they buy from other countries. Recently, former U.S. President Donald Trump talked about adding a 25% tariff on all steel and aluminum coming into the United States. Let’s explore why some people think this might not be the best plan.
What’s a Tariff Anyway?
Imagine you love candy 🍬, and your friend always brings you candy from another school. One day, your school starts charging you extra every time you get candy from your friend. That’s kind of what a tariff is!
Why Use Tariffs?
President Trump believed that tariffs would help the U.S. economy, protect jobs, and make other countries want to make better trade deals. But many people think this plan could actually cause problems.
Possible Problems with Tariffs
- Higher Prices for Everyone: When tariffs make imported goods more expensive, stores have to charge more money. That means families might have to pay more for things they need.
- Hurting Businesses: Companies that use steel and aluminum might have to pay more, making it harder for them to compete with businesses in other countries.
- Trade Wars 🔥: Other countries might get upset and put their own tariffs on American products, which could hurt U.S. businesses that sell things overseas.
Who Else Is Affected?
The countries that sell the most steel to the U.S. are Canada 🇨🇦, Brazil 🇧🇷, Mexico 🇲🇽, South Korea 🇰🇷, and Vietnam 🇻🇳. Tariffs could make trading with these countries harder, and that might not be good for friendships between countries.
What Do Others Say?
Even some leaders in the U.S. have pointed out that tariffs can hurt American consumers. In 2019, President Joe Biden said that tariffs often end up costing Americans more money.
Looking Ahead
Some studies show that tariffs haven’t helped bring manufacturing jobs back to the U.S. like some people hoped. Instead, they can slow down the economy and make things more expensive for everyone.
The Big Picture
It’s important for countries to work together and trade fairly. While tariffs might seem like a good idea to protect jobs, they can sometimes cause more problems than they solve.
What do you think? It’s always good to learn about how our world works so we can make it a better place for everyone! 🌍💙
Reference(s):
Trump's tariff approach is unwise both as a policy tool and a strategy
cgtn.com
