Part 2/10:
To kick off the discussion, let's define a tariff. Simply put, a tariff is a tax imposed on imported goods. When a company, for example, Apple's China-made iPhones, arrives at a U.S. port, the importer, in this case, Apple, is the one responsible for paying the tariff. This taxation often leads to higher prices for consumers, as businesses typically pass these costs on to their customers.
Most people might believe that the country of manufacture, such as China, bears the cost of these tariffs, but that is a misconception. The reality is that the financial burden falls on companies who import these goods, who then have no choice but to raise prices or cut back on supply. Such decisions can drastically affect supply chains and economic dynamics within and beyond a nation's borders.