Title: 
Headings: 

Content: This, in turn, could cost consumers. While tariffs can protect domestic industries, they can also have a negative effect on these industries. For example, they could result in a lack of competition, resulting in higher prices, inefficiencies and a disincentive to innovation. And while often useful in matters of foreign policy, tariffs can also spark what’s called a trade war. A trade waris when one country sets a tariff or other measures on another country, which then sparks a retaliatory tariff by that latter country, ending up in a cycle of retaliation that has negative effects on the industries on both sides. History of Tariffs
The first tariff by the United States was imparted in 1789. Historically, tariffs were a major source of income for the country until the creation of the federal income tax in 1913. Tariffs also played a key role in matters of foreign policy and negotiation throughout history. There are many examples of tariffs imparted by the United States, ranging from 1930’s Smoot-Hawley tariff, which imparted a tariff on imported agricultural products, or the Fordney-McCumber tariff, a tariff on many imported goods. Tariffs have made a resurgence in recent years, as part of President Donald Trump’s “America First” policy.