Impact of Tariffs on the Economy

Tariffs, specifically on imports like those from China, function as taxes that raise prices for consumers while aiming to protect domestic industries. This economic approach is compared to the effects of raising the minimum wage, where consumers pay more for goods, but many support the change for perceived fairness. There's an ongoing debate over whether higher costs are a necessary price to pay for economic justice, particularly for communities losing jobs to overseas production. Trump's belief in tariffs as a solution to restore manufacturing jobs hinges on the idea that higher costs can benefit the broader economic landscape and job market.