this post was submitted on 18 Oct 2024
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Explain Like I'm Five

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ELI5 how tariffs work. Are they not just like taxes one country puts on another? If so why do people especially republicans keep with Trump on imposing? Would it not hurt the US? (self.explainlikeimfive)
submitted 3 months ago by Don_Dickle to c/explainlikeimfive
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[–] [email protected] 2 points 3 months ago (3 children)

It is literally paid, first, by the company that imports the goods.

It is then paid again by the consumer in the higher price that they charge, and it it then paid again by the Chinese exporter in terms of reduced volume of exports.

[–] kitnaht 6 points 3 months ago* (last edited 3 months ago)

https://www.reuters.com/article/economy/who-pays-trumps-tariffs-china-or-us-customers-and-companies-idUSKCN1TK1V7/

And those importers are US-based companies. China doesn't pay. The importer does.

They are paid by U.S.-registered firms to U.S. customs for the goods they import into the United States.

[–] FourPacketsOfPeanuts 1 points 3 months ago

Is there an exemption, say, if a Chinese person were immigrating to the US and they already owned an EV for several years and wanted to bring it with them? Or is there a massive import duty on things like that?