Have you ever wondered why some things you buy are getting more expensive? 🤔 It might be because of something called tariffs! Let’s find out what’s going on and how it affects people like you and me.
What Are Tariffs?
Tariffs are like extra taxes that a country adds to goods coming from other countries. Imagine if your favorite candy from another country suddenly costs more money. That’s because of tariffs!
Why Do Countries Use Tariffs?
Sometimes, countries use tariffs to protect their own businesses or to encourage people to buy local products. But adding tariffs can make things more expensive for everyone.
How Do Tariffs Affect Small Businesses?
Meet Harrison Lewis, a physical therapist and founder of an activewear brand in Dallas, Texas. 🏃♂️👟
Harrison’s business depends on buying materials from other countries. But with tariffs increasing, those materials cost more now! 😟
“It’s getting harder to keep my business running,” says Harrison. “I’m always looking for suppliers who can offer better prices.”
Higher Prices for Everyone
Not only businesses but also families are feeling the pinch. Everyday things like food, gas, and travel are getting more expensive. 🍎⛽✈️
When businesses have to pay more, sometimes they have to raise their prices. That means we have to pay more when we shop.
What Can We Do?
Understanding what’s happening is a good first step! Talk to your parents or teachers about tariffs and how they affect the economy. 🤝
Maybe one day, you can come up with ideas to help businesses and families deal with these challenges!
Reference(s):
cgtn.com
