Tariffs
Sat, 10/19/2024 - 12:00am
I remember the first time I ever heard the term tariff was in my first economics course in college. A tariff is a tax applied to imported goods and collected by the federal government. It was used to protect infant industries at the founding of the United States as we struggled to build a diverse economy after the Revolution. It later became one of the major reasons contributing to the Civil War as it raised the price on manufactured goods used in the agriculture slave economy of the South but produced in the industrialized North.
