What tariffs do and why economists don't like them

Contributing sentiments towards policy:

50% : "She's right that his tariffs are like a sales tax, in the sense that consumers everywhere are going to end up paying," Alan Deardorff, an economist at the University of Michigan who specializes in international trade, said of Harris' claim.
44% : Prices aside, "people believe that the tariffs will protect domestic jobs, and they like this idea that we can help our American workers," said Robert Lawrence, a professor of international trade and investment and a senior fellow at the Peterson Institute for International Economics.
40% : The impact on prices and jobsTrump and his allies who endorse his trade policies argue that tariffs protect and bolster domestic markets, spurring homegrown producers to expand.
34% : In 2018, Trump slapped tariffs ranging from 20% to 50% on many residential washing machines from South Korea, leading Seoul-based LG to raise its prices in response.
26% : Trump recently threatened the Illinois-based tractor maker John Deere with a 200% tariff if it moves production to Mexico.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.