Part 5/10:
Before delving deeper into Trump’s tariff motivations, it’s crucial to clarify what tariffs are and their historical applications. Simply, tariffs serve as fees imposed on imported goods, directly raising costs for consumers while aiming to protect domestic industries by making foreign products less competitive. The U.S. has historically oscillated between tariff-free trade principles and periods of protectionism, notably during the War of 1812 and the Great Depression, which crippled global trade due to retaliatory measures.