.How Tariffs Impact Your Finances
How Tariffs Impact Your Finances
Tariffs: What They Are and How They Impact Your Finances
By Tim Lemke on 16 March 2018
President Trump recently announced new tariffs on imports of steel and aluminum, in a move that got mixed reviews from business and political leaders. The new tariffs would increase levies on aluminum by 10 percent and steel by 25 percent.
There is much debate about the sensibility of these tariffs, but rather than wade into that morass, let's examine what tariffs are and how they impact the economy and your investments.
What Is A Tariff?
A tariff is essentially a tax that the government places on imported items. For example, the government may choose to place a tax on foreign cars or imported cotton.
There are tariffs placed on an eye-popping number of products, from building materials and vegetables, to chemicals and even live animals. Tariffs can be imposed on a per-item basis, by weight or size, or by percentage of value.
Tariffs can even vary depending on the country. For example, the U.S. may impose a tariff on shirts made in China, but not in Vietnam. The United States imposes tariffs on imports from many countries, but also has free trade agreements with many nations that allow both parties to import goods without tariffs.
Why Do Tariffs Exist?
The first tariffs in the United States came shortly after the nation ratified the Constitution, and were motivated largely by the government's need for revenue. Tariffs played a big role in funding the government in the days before income taxes.
To continue reading, please go to the original article here:
https://www.wisebread.com/tariffs-what-they-are-and-how-they-impact-your-finances
6 Common Excuses for Not Saving Money By Tara Struyk
Have you ever settled on a new exercise program, only to get a bad cold a few days in and happily throw yourself on the couch, relieved to have a handy excuse? Excuses must be human nature; I know I usually make them when I'm facing something that’s new, that's hard, or that I just don’t enjoy. And I’ve certainly made excuses when it comes to money.
In the years that I’ve been writing about personal finance and investing, I’ve also heard my fair share of excuses, mostly from readers who don’t agree with my advice. The problem is, unlike good financial habits, excuses are easy to come by, even though most of them just don’t stand up to reason. Check out some of the ones I’ve heard most frequently so far.