So what are those tariffs and how do they actually hurt the economy?
Well, the first thing you have to know is that they're essentially a tax on imported goods.
This may sound jargony and esoteric, but by the end of the video above, you'll be where you need to be.
Let's explain a bit more before we relate this to walking in to your parents home. We've piqued your interest, haven't we?
When the U.S. imports steel manufactured in China, and the White House has enacted 10% tariffs on that steel, the steel buyer, like General Motors (GM) - Get General Motors Company (GM) Report or Ford (F) - Get Ford Motor Company Report , must pay a 10% tax to the U.S. government on the cost of the steel.
Imagine you're going to your parents house and you feel like keeping your shoes on when you move closer to the living room. Then, your parents say 'hey, you can keep your shoes on, but that just means you have to pick up the tab for dinner.'
To fully see how this relates, watch the video above.
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