What’s Going On? 🤔
Hey there! Have you ever heard of the word “tariff”? It’s a fancy word for a tax on things that come into a country from somewhere else. Recently, President Joe Biden said that former President Donald Trump’s plan to put big tariffs on all imported goods is a major mistake.
What’s a Tariff? 🛍️
Imagine you want to buy a cool new toy that’s made in another country. If there’s a tariff on that toy, it means it might cost more money to buy it. That’s because the company has to pay extra to bring it into your country, and they might raise the price to make up for it.
Why Does President Biden Think It’s a Mistake? 🚫
President Biden believes that if we put high tariffs on goods from other countries, it will make things more expensive for people like you and your family. Instead of the foreign countries paying the cost, it could be the American shoppers who end up paying more.
What Did Others Say? 🗣️
Janet Yellen, the U.S. Treasury Secretary, also agreed with President Biden. She said that putting big tariffs might make it harder to keep prices low, which is important to help families afford the things they need.
Why Does This Matter? 🌍
Tariffs can affect the prices of things you buy every day, like clothes, electronics, and even snacks! It’s important to understand how decisions by leaders can impact our lives.
Let’s Learn Together! 📚
Next time you’re at the store, think about where the things you buy come from. Learning about tariffs and trade can help us understand the wider world and how we’re all connected!
Reference(s):
cgtn.com
