Part 14/16:
Another significant development is the recent wave of new tariffs announced by the Biden administration, including a 50% tariff on Brazilian goods and similar levies on countries like Libya, Iraq, Sri Lanka, and the Philippines. These tariffs aim to protect American industries but also risk raising prices for consumers.
Historically, tariffs have been tools to safeguard domestic manufacturing by making imported goods more expensive, prompting reshoring efforts. While some consumers might accept higher prices for a better future for workers and a stronger economy, critics warn that ongoing tariffs could hurt international relations and increase living costs.