Tariffs are government-imposed taxes or duties on imported or exported goods. They are used primarily to raise revenue for the government and to protect domestic industries from foreign competition by making imported goods more expensive. Tariffs can influence trade balance, economic policies, and consumer prices. They vary in type, such as ad valorem tariffs, which are based on the value of the goods, and specific tariffs, which are based on the quantity or weight of the goods. Tariffs can be a tool for economic diplomacy, affecting international relations and trade agreements.
Howard Lutnick confirmed as new commerce secretary with a narrow Senate vote of 51 to 45. Lutnick aims to reshape international trade dynamics, emphasizing tariffs to protect American industries. Plans…