News Analysis
As tariffs put in place by the Trump administration begin to take hold, America’s trading partners and industries are struggling to calculate what the ramifications might be.
Because tariffs are a tax paid by importers and typically passed on to consumers, economists predict that they will result in higher prices for many goods and could add to inflation, which already wiped out more than 20 percent of the U.S. dollar’s value under the Biden administration and is once again on the rise.
“The real losers in the renewed interest in and implementation of tariffs, whatever the justification, are consumers—both in the United States and abroad, who will encounter higher prices and less ability to purchase the goods they want,” economist Ryan Yonk, senior fellow at the American Institute for Economic Research, told The Epoch Times. …