President Donald Trump announced that tariffs on Chinese imports would increase up to 145%, citing the need to counteract unfair trade practices and the influx of fentanyl-related materials from China. In response, China declared a retaliatory 125% tariff on U.S. goods, stating that it will not engage further if the U.S. continues unilateral hikes. The…
When the government raises tariffs on imported goods, it might sound like a move to protect American jobs and industries. And while that may be the intention, the actual consequences are far-reaching—often more complex and costly than they initially appear. From rising consumer prices to strained international relations, higher tariffs can trigger a cascade of…