Tariff. To at least one person (I’m not a name dropper), this is “the most beautiful word” in the dictionary. A tariff is a surcharge on certain imported goods from certain countries. Theoretically, it’s paid by the country of manufacture or production, but — in reality — it’s paid by the importer. That cost is passed on to the distributor, then to the retailer, and ultimately to the consumer.
In the United States, we are told that tariffs will soon be levied on foods and manufactured items from countries like Canada, Mexico, and China. If so, that will drive up the price of those items. Some think-tanks are speculating that we should plan ahead and buy items that we may need in the future. According to Third Way (an advocate for fiscal conservativism), among the retail goods that are most likely to be affected are the following.
Footwear: The majority of all footwear purchased in the U.S. is imported from countries most likely to be affected by tariffs. It’s projected that prices to consumers may rise between 20 and 30 percent.