Tariff Basics
What is a tax placed on goods imported from other countries?
What is a tariff?
In 1789, the U.S. government passed one of its first laws establishing tariffs to raise revenue.
What is government revenue (or funding)?
A label often placed on products manufactured in the United States.
What is “Made in the USA”?
Goods brought into a country from another country.
What are imports?
When more goods are produced in the U.S., it can increase these opportunities for workers.
What are jobs?
Tariffs are often used to protect these domestic companies from foreign competition.
What are American industries (or domestic industries)?
This early U.S. Treasury Secretary strongly supported tariffs to protect American manufacturing.
Who is Alexander Hamilton?
Buying American-made goods is often promoted as a way to support these.
What are American jobs (or U.S. workers)?
Goods produced domestically and sold to other countries.
What are exports?
Tariffs often reduce the number of these goods entering a country.
What are imports?
When tariffs raise the price of imported goods, consumers often buy more of these instead.
What are domestic products?
This 1930 law greatly raised tariffs and is often blamed for worsening the Great Depression.
What is the Smoot-Hawley Tariff Act?
Cars made by companies like Ford and GM are examples of this U.S. industry.
What is the automobile industry?
A country that sells goods cheaper than domestic producers due to lower costs may cause this concern.
What is unfair competition (or dumping)?
When domestic industries grow because of tariffs, economists say they are being this.
What is protected (or protectionism)?
Tariffs can increase government revenue and protect industries, but they often raise prices for consumers.
What are prices (or costs)?
The Nullification Crisis involved South Carolina opposing tariffs passed under this president.
Who is Andrew Jackson?
The government sometimes requires certain products for federal projects to be produced in this country.
What is the United States?
The organization that helps regulate global trade rules between countries.
What is the World Trade Organization?
Some economists argue tariffs reduce this economic idea where countries specialize in what they produce best.
What is comparative advantage?
When two countries place tariffs on each other's goods in retaliation, it is often called this.
What is a trade war?
During the 1800s, Northern states generally supported tariffs while this region often opposed them.
What is the South?
Laws encouraging government agencies to buy American products are often called these acts.
What are Buy American Acts (or Buy America laws)?
Tariffs on foreign steel and aluminum were imposed by the U.S. in 2018 under this president.
Who is Donald Trump?
When production moves back to the U.S. from overseas, it is sometimes called this.
What is reshoring?