Economics
The Impact of Tariffs on Domestic Input Prices
Quick fact
When the U.S. imposed a 25% tariff on imported steel in 2018, domestic steel prices rose by about 40% within just a few months, costing downstream users (like car and appliance makers) billions of dollars.
Why this is interesting
You might think tariffs only make imported goods more expensive, but they can also raise the price of things made in your own country. Why would a tax on imports hit local factories and your wallet?