How Do Tariffs Work?
A longtime friend and reader asked me to explain how tariffs work. Of course, it’s a politically charged topic, but a simple description of how they function should be apolitical and straightforward enough. I will start with a made-up product, Wakanda’s Widgets, which are imported to the US. My made-up supply chain has three players: the manufacturer in Wakanda, a US importer that also acts as a distributor and the end retailer… Read More