Make Me Smart From “Million Bazillion”: What are tariffs?
Jul 4, 2025
James Madison, the fourth president of the United States, joins the discussion on tariffs, breaking down their importance in international trade. He helps clarify how tariffs work, particularly in today's economy. Through the relatable story of a fifth-grader's slime business, the conversation touches on how tariffs can protect local industries and influence pricing. The dialogue is light-hearted and humorous, using fun analogies to make economic concepts accessible for kids, stimulating discussions about financial literacy and entrepreneurship.
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Robin's Slime Business Challenge
- Robin started a slime business at her school and adds glitter to make her product unique.
- She faces competition from a student reselling cheaper slime from another school.
Tariffs Defined and Purpose
- Tariffs are extra charges or taxes on imported goods used by countries to raise government revenue.
- They increase the cost of imports, which may raise prices for consumers but fund important government functions.
Tariffs Protect Local Industries
- Tariffs protect local industries by making foreign goods more expensive to buy.
- This encourages consumers to purchase domestic products, supporting local business growth.