Hey there! Have you ever heard of tariffs? 🤔 Don’t worry if you haven’t. Let’s find out together!
A tariff is like a tax that a country adds to goods coming from another country. So when the United States puts a tariff on toys from China, it means toy shops in America have to pay extra money to bring those toys into the country.
Let’s meet Erica, who runs a small gift shop in Arizona. She loves selling colorful Easter eggs, cuddly baby blankets, and fun toys. She designs them in America, and they are made in China.
But recently, new tariffs were announced on products from China. This means Erica has to pay more money to get her products. 😟 What happens then? She might have to raise the prices in her shop. That could make customers unhappy, and they might buy less.
Erica isn’t alone. Many small businesses across the US are worried. There are millions of small businesses, like your local toy store or the family-owned bike shop down the street. They make up a big part of the US economy.
When tariffs go up, these businesses have to decide: Should they earn less money or pass the extra cost to customers? Neither choice is great.
Plus, it’s not easy to find other places to make the products. Many factories in China have special machines and skills to make things quickly and at a good price.
So, what do tariffs mean for you? It might mean the toys, clothes, or gadgets you like could become more expensive. 😯
Tariffs can also cause other countries to add their own tariffs on US products. This can make it harder for American farmers and businesses to sell their goods overseas.
In the end, tariffs can make things tricky for everyone: the shop owners, the workers, and even kids like you! That’s why many people are talking about tariffs and how they affect our daily lives.
Now that you know a bit more about tariffs, you can join the conversation! 🗣️
Reference(s):
Trump tariffs sacrifice American small businesses and families
cgtn.com
