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Massive new Trump tariffs are looming. Here's how these import 'taxes' work and who pays for them

New tariffs are likely coming in Trump's second term. While companies owe these import taxes, consumers usually foot the bill.
The article from AOL Finance discusses the potential impact of former President Donald Trump's proposed tariffs on Chinese imports, which could significantly affect the U.S. economy if implemented. Trump has suggested imposing tariffs of 60% or higher on Chinese goods, a policy that could lead to increased costs for American consumers and businesses due to higher prices on imported goods. This move is part of Trump's broader strategy to reduce the U.S. trade deficit with China and to pressure China on issues like intellectual property theft and trade practices. Critics argue that these tariffs could lead to retaliatory measures from China, potentially sparking a trade war, and could also contribute to inflation in the U.S. as the cost of goods rises. The article also mentions the political context, noting that these proposals are part of Trump's campaign rhetoric as he seeks re-election, aiming to appeal to voters concerned about job losses to overseas manufacturing.

Read the Full AOL Article at:
[ https://www.aol.com/finance/massive-trump-tariffs-looming-import-140000864.html ]