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Create a response to this discussion post. Tariffs are specific taxes on imported goods at a border. They are traditionally used by governments to collect
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Tariffs are specific taxes on imported goods at a border. They are traditionally used by governments to collect revenues and protect domestic products and industries. Most countries utilize import tariffs which can potentially pose issues in relations with other countries. In most cases the benefits outweigh the negatives and tariffs serve as a way to protect domestic businesses. Not only do they deter foreign countries from exporting goods that are inexplicably cheap. For the most part tariffs are used with good intentions. In this case they are meant to encourage growth within a country but as we have seen with the Trump administration can sour relations with other countries. The increase on tariffs from China will worsen the relationship and hurt us since export a lot to them. They can then in return impose tariffs on us which would lead to a trade war that decreases globalization. This interaction would make these taxes obstructive and hurt both countries. Ultimately tariffs come with both positives and negatives depending on how they are utilized. In general if there was a decision to get rid of tariffs entirely it would be more beneficial for countries to not impose taxes on imported goods. Unfortunately for us Trumps view of China aligns with the majority of our citizens. As China continues to develop we could potentially lose out on businesses that would benefit both countries. We have already seen how the tariffs on China put pressure on the prices of steel prices in the US. This backfired and hurt our GDP
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