Marketplace Reminder: Tariffs are taxes.
Apr 3, 2025
In this discussion, Sabree Beneshore, a Marketplace reporter specializing in tariffs, dives into the significant effects of these new trade policies on businesses. He explores how tariffs, reaching up to 54%, are driving up prices for consumers, particularly in the retail and construction sectors. Additionally, Sabree discusses the potential economic downturn and the ethical implications of sharing undocumented immigrants' tax information. He highlights personal narratives that reveal the real-life impact of these complex economic issues.
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Tariffs as Taxes
- Tariffs are taxes, impacting the entire economy.
- The average import tax has increased significantly, reaching its highest point in over a century.
Broad Tariff Impact
- The latest tariffs are broad, affecting various retail products.
- Asian countries face the highest tariffs, leading to price increases on electronics, footwear, apparel, toys, and furniture.
Steel Price Increase
- Homebuilder Eugene Jen saw specialty stainless steel prices increase 277%.
- This is due to tariffs on building materials from Asia and appliances, impacting home prices.
