Economics
Tariffs and Their Welfare Consequences
Quick fact
When the United States imposed a 25% tariff on steel in 2018, a study found that the cost per job saved in steel-producing states was over $650,000—far more than the average steelworker's annual salary.
Why this is interesting
Think about a price tag on a foreign-made product. Why do governments add a hidden tax that makes you pay more, even though it hurts your wallet?