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The Guardian - UK
The Guardian - UK
Business
Richard Partington Economics correspondent

‘Liberation day’: what are tariffs and why do they matter?

Donald Trump United States Deficit
various fruit and vegetables with prices marked on yellow signs in dollars at a New York supermarket
‘Extra costs from tariffs are typically borne by the end consumer, meaning Trump’s plans are likely to push up US living costs.’ Photograph: Yuki Iwamura/AFP/Getty Images

What is a tariff?

Tariffs are border taxes charged on the import of goods from foreign countries. Importers pay them upon entry to the customs agency of the country or bloc that levies them.

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