I asked Google to "explain tariffs in simple terms" and it sure did. A sixth grader would easily get it. Here's the response (and now I'm wondering whether a GenAI system could create a short animated video or slide deck that could become a TikTok):
Tariffs in simple terms
A tariff is like a special tax that a country places on goods it buys from other countries.
Imagine this
You're buying a toy made in another country.
The government of your country might add a tariff to that toy's price when it enters the country.
This makes the imported toy more expensive than a similar toy made in your own country.
The company importing the toy pays this tax to the government.
However, they might then pass some or all of that cost onto you, the customer, by raising the price of the toy.
I asked Google to "explain tariffs in simple terms" and it sure did. A sixth grader would easily get it. Here's the response (and now I'm wondering whether a GenAI system could create a short animated video or slide deck that could become a TikTok):
Tariffs in simple terms
A tariff is like a special tax that a country places on goods it buys from other countries.
Imagine this You're buying a toy made in another country.
The government of your country might add a tariff to that toy's price when it enters the country.
This makes the imported toy more expensive than a similar toy made in your own country.
The company importing the toy pays this tax to the government.
However, they might then pass some or all of that cost onto you, the customer, by raising the price of the toy.