Every day, you’re paying a tax that Congress never voted on, a tax that’s growing rapidly heavier. Yet you may not even know when you’re paying this tax because it goes by another name: tariffs. It is baked into the prices of products, from sneakers to semiconductors to compression springs, that are manufactured abroad or that use imported components or materials—that is, a large portion of the things Americans buy.
As the presidential election approaches, all signs point to higher tariffs on American imports—no matter who wins. (While Vice President Kamala Harris was the clear favorite to be the Democratic nominee as this article went to press, it’s safe to say that any potential rival would have a similar trade agenda.) The consequences will reach far beyond those ballooning hidden taxes that Americans pay. They will also influence global geopolitics and touch every business and consumer in the U.S., plus billions more worldwide.
