What to know about tariffs

Key Takeaways

The US has placed tariffs on imported goods from China and may also impose them later on imports from Canada and Mexico.
Governments around the world increasingly place tariffs on foreign goods and services which are imported into their countries.
Tariffs may be used to influence other countries' policies, protect domestic industries, encourage fair trade, and maintain national security.
Tariffs may also have unintended consequences such as higher prices and lower employment.