Google searches for the word “tariffs” skyrocketed as Donald Trump declared victory in the 2024 presidential election. In his first presidential term, Trump employed tariffs against China in general, but also ordered tariffs on specific goods from all countries, including solar panels, washing machines, steel, and aluminum. And in his 2024 campaign, he promised 10% tariffs across the board on all imported goods – and 60% for goods made in China.
Trump seems to view tariffs as a financial band-aid for everything from closed U.S factories to China’s rising global power, and from minimizing the risk of developing new technologies to the cost of increased border security – and as a way to discourage countries and companies from utilizing currencies other than the U.S. dollar.
The point is that it’s not enriching the exporting country. It’s a tax paid by the importing company to its own government. Europe, Canada, Mexico, and China stand to gain nothing if Trump enacts these tariffs. It will only result in reduced exports by the targeted countries, and the customer paying more.