USA HISTORY

Detailed explanation-1: -Tariffs hurt consumers because it increases the price of imported goods. Because an importer has to pay a tax in the form of tariffs on the goods that they are importing, they pass this increased cost onto consumers in the form of higher prices.

Detailed explanation-2: -Tariffs Raise Prices and Reduce Economic Growth Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.

Detailed explanation-3: -A tariff is a tax on goods and services imported into a country. It is typically used to increase the price of imported goods, making them more expensive than domestic goods and services, thus protecting domestic industries.

Detailed explanation-4: -Tariffs have long been used to prop up homegrown industries by inducing citizens to buy goods produced domestically. Since the end of World War II, however, tariffs have largely fallen out of favor in developed economies because they often lead to reduced trade, higher prices for consumers, and retaliation from abroad.

Detailed explanation-5: -To remain competitive, domestic producers then have to lower their prices to be able to effectively sell their goods, costing them revenue. Tariffs discourage the purchase of foreign goods and protect domestic producers by raising the price of imports so that domestic prices do not fall as much.