Hey there, friends! 👋
Have you ever wondered why things in stores sometimes get more expensive? Let’s talk about something called “tariffs” and how they might affect the prices of things we buy.
Recently, an economist named Richard Wolff shared his thoughts about tariffs. He mentioned that if the United States puts tariffs on goods from China, it could make prices in the US go up! 😲
What Are Tariffs?
Tariffs are like taxes that countries put on products they bring in from other countries. Imagine if you had to pay extra money to bring your friend’s toy into your house! This extra cost can make things more expensive.
What Is Inflation?
Inflation is when the prices of things go up over time. So, the same toy that cost $10 last year might cost $11 this year.
Why Could Tariffs Cause Inflation?
If the US adds tariffs on products from China, the prices of those products might increase. Since many things in US stores come from China, shoppers might have to pay more. This could make inflation worse because the overall prices of goods would rise. 💸
Why Does This Matter?
When prices go up, families might have to spend more money to buy the same things. This can make it harder for people to afford what they need.
Reference(s):
cgtn.com
