Part 1/9:
Understanding Tariffs: A Deep Dive into Their Impact and History
Mr. Beat opens his exploration of tariffs with an accessible introduction, referencing his video on every type of tax. With a growing audience, he clarifies that tariffs are taxes on goods crossing international borders, primarily levied on imports to protect domestic industries—a concept known as protectionism. Despite general economic consensus against tariffs, a surge in their popularity has been observed recently, reminiscent of the 1890s due to rising wealth inequality. Mr. Beat aims to unpack this contradiction: why do many economists critique tariffs while some advocate for them?