Tariffs

Tariffs, which are taxes imposed on imported goods, have been debated since the founding of the United States. They were a pillar of “mercantilist” economics favored by most nations in the 18th and 19th centuries but were lowered worldwide after World War II to foster growth and cooperation. Today the debate is hotter than ever. Advocates say tariffs protect US industry and jobs while safeguarding national security. Critics say tariffs raise costs to consumers, promote inefficiency, spur retaliation, and impede global economic growth. PIIE scholars track tariffs and analyze their costs and benefits.

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