Marketplace All-in-One From “Million Bazillion”: What are tariffs?
Jul 4, 2025
James Madison, the fourth president of the United States and a key figure in trade policy, joins the discussion on tariffs. The hosts tackle the buzz around tariffs by breaking them down for kids, using a young entrepreneur's slime business as a relatable example. They explore how tariffs can impact local industries and pricing, even debating a fictional tariff on imported slime in a classroom setting. Lively storytelling and humor illuminate the complexities of economic policies, making learning about trade both fun and accessible for all ages.
AI Snips
Chapters
Transcript
Episode notes
Robin's Slime Business Challenge
- Robin started a slime business at school, making glitter slime in the science lab.
- She faces competition from another kid selling cheaper slime imported from a different school.
What Tariffs Are
- Tariffs are taxes put on goods made outside a country, used to raise government revenue.
- Businesses pay these tariffs when importing, which usually makes imported goods pricier in stores.
Tariffs Protect Local Business
- Tariffs protect emerging local industries by making imported goods more expensive.
- They encourage people to buy locally made products by shifting cost dynamics.