A tariff is, simply put, a tax on goods purchased from a foreign country. Tariffs can be imposed as a percentage of the value of the good, or as a flat rate added to the price of that good.<\/p>\n\n\n\n
Historically, countries have used tariffs to do three things:<\/p>\n\n\n\n
In the second half of the 20th century, the use of tariffs declined as countries negotiated bilateral and multilateral reductions and free trade agreements. They returned during President Donald Trump\u2019s first term. <\/a>Trump levied new tariffs on thousands of products from China, ranging from medical devices and televisions to electric vehicles and aircraft components. President Joe Biden maintained and, in some cases, expanded on those tariffs.<\/p>\n\n\n\n Tariffs have exploded since Trump took office again in January 2025. In early April, he announced 10% tariffs on nearly all U.S. imports<\/a>. Larger, country-specific tariffs were announced at the same time and delayed\u2014first until early July, then until August.<\/p>\n\n\n\n The administration has imposed higher tariffs on goods from China<\/a> (20%), Canada<\/a> (10-25%) and Mexico<\/a> (10-25%). In response, China, Mexico, Canada, the European Union and other countries have threatened or instituted their own tariffs on U.S. goods<\/p>\n\n\n\nAs the tariff situation continues developing, Poole College experts analyze their effects in Poole Thought Leadership <\/em>articles and for local, state and national media outlets.<\/h5>\n\n\n
Opportunity in Uncertainty: Tariffs and Small Business<\/strong><\/h2>\n