Implemented by President Trump just two months ago, hiked-up tariffs have forced a fundamental shift both for the global economy and for American foreign relations. A cornerstone of Trump's campaign, the new tariffs require countries like Mexico, Canada, and China to pay anywhere from 10 percent to 145 percent on goods imported into the United States.
There's a common misconception that these tariffs are a tax paid by countries. Rather, tariffs are billed directly to the companies selling those products. With Trump's signing of a new executive order on Friday, May 2, affordable brands shipping from China to the U.S. now face new penalties—and may need to increase their prices in response.
