What is a tariff? How the Trump administration plans to implement them in 2025

The video tutorial discusses tariffs, explaining them as taxes on imports that affect importers and consumers. It covers the historical role of tariffs in the US, their decline post-WW2 to promote trade, and the resurgence during Trump's presidency, which led to a trade war with China. The tutorial also touches on the economic impact of tariffs on GDP and households, and the continuation of some tariffs under the Biden administration.

What are tariffs and how do they affect imports?

How did tariffs serve as a source of revenue for the federal government until 1914?

What impact did Trump's tariffs on China have on the US economy?

In what ways can tariffs be used as a 'carrot' or a 'stick' in trade negotiations?

What actions has the Biden administration taken regarding tariffs imposed during Trump's presidency?