Title: 
Headings: Tariffs Definition
Tariffs Definition
4 Types, How it Works, Who Pays
What are Tariffs
Key Points
How Does a Tariff Work?
Section 321 – Imports Under $800
Informal – Imports Under $2,500
Formal – Imports Over $2,500
Conclusion on how tariffs work
Who Pays for Tariffs
Consumers
Corporations
China
US Exporters
4 Types of Tariffs
Ad valorem Tariffs
Specific Tariffs
Compound Tariffs
Tariff-rate Quota
Why Tariffs are Used
1. Protect Domestic Employment
2. Infant Industries
3. National Security
4. Retaliation
General FAQs on Tariffs
Further Reading

Content: Research shows that between February 2018 and January 2020, the US spent over $46 billion on tariffs. Corporations
Some corporations may not necessarily pass on 100 percent of the costs. Inside, they may absorb some of the costs into profits. This may be in order to maintain consumer demand if pricing is sensitive to change. Increasing prices might significantly affect demand for the companies goods, so it may be more profitable to take a small hit to profits instead. So whilst consumers pay more, some corporations will also take a hit. China
On the other hand, tariffs can cause shocks in exchange rates. As we have seen between the US and China, the Chinese Yuan weakened significantly. In turn, the cost of Chinese imports has become naturally cheaper as the US Dollar can buy more. So the cost of Chinese goods has become cheaper, but those lower prices haven’t been passed onto the consumers due to the additional tariff.