How US Tariffs Work — and Who Foots the Bill: QuickTake

US President Donald Trump has rattled economies and markets with punitive tariffs on goods from the nation’s largest trade partners. So far he’s implemented 25% duties on most Canadian and Mexican imports and raised levies on those from China to 20%. The moves bring American import duties to their highest average level since 1943, according to the Budget Lab at Yale University, and Trump has indicated more hikes may follow. Here’s how tariffs work — including who actually pays them and how the revenue is collected.

What are tariffs and what purpose do they serve?

Tariffs are taxes ...