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Tariffs are taxes on imports collected by Customs and Border Protection in the U.S., with rates varying and typically passed on to consumers by American companies. While President Trump believes tariffs benefit the economy, economists see them as inefficient and damaging, leading to retaliatory tariffs from other countries. Despite Trump’s use of tariffs to protect domestic industries and pressure foreign countries, economists generally view them as counterproductive and likely to provoke trade wars.
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