00:00I think tariffs are the most beautiful word. I think they're beautiful. It's going to make us rich.
00:04Tariffs are a major part of President Trump's foreign policy and economic agenda.
00:09We want fairness from other countries. We have not been treated fairly and we're going to get fairness.
00:14Put simply, tariffs are a tax on goods from another country paid by the company importing them,
00:19usually to protect national industries or as a trade negotiation tool.
00:24Quick history lesson. In the U.S., tariffs started out steep.
00:28You can say there were three distinct periods of tariff history in the United States,
00:32from say 1790 to 1860, when tariffs were the main source of federal revenues.
00:39Something like 90% of all federal revenues was based on taxing imports.
00:44From the Civil War to the Great Depression of the 1930s, we had tariffs for protection.
00:51Tariffs were raised to very high levels on a variety of imports
00:56and basically those industries were protected.
00:59But that changed in the mid-1930s.
01:02Policymakers decided that high tariffs were not really good for the American economy.
01:07So from the 1930s all the way up to now, we've had progressively lower and lower tariffs.
01:14In 2018, President Trump imposed sweeping tariffs on China,
01:18an effort to reduce the trade deficit and boost U.S. manufacturing.
01:22The Biden administration kept most of these tariffs and, in some cases,
01:26even raised them on $18 billion of Chinese goods,
01:29though the move is said to be largely symbolic.
01:32The 2018 tariffs do appear, as best economists can judge things,
01:37to have raised the price level by 1 to 2%.
01:40Larry Summers is former U.S. Treasury Secretary under Democratic President Bill Clinton.
01:45He says the tariffs were not effective.
01:48The evidence is that they made a small contribution to inflation.
01:53Tariffs tend to make the people in the countries who impose them poorer
01:58because they raise the price of what they buy and that makes paychecks go less far.
02:04But others, like Oren Cass, chief economist at conservative think tank American Compass,
02:09say tariffs ultimately benefit the economy.
02:12Ce qu'on a vu en 2018, quand le président Trump a d'abord imposé beaucoup de tarifs,
02:17c'est qu'il y avait des endroits où il y avait un effet sur les prix.
02:22Beaucoup de fois, c'était à court terme.
02:24Quand on collecte des tarifs, si les gens doivent payer plus,
02:28c'est le revenu des impôts qui va au gouvernement.
02:31On peut utiliser ça pour réduire d'autres impôts,
02:33on peut utiliser ça pour réduire notre déficit,
02:35on peut utiliser ça pour soutenir la création de plus de manufacture ici, aux Etats-Unis.
02:41Même si les tarifs sont encore beaucoup discutés,
02:44leur accès international est indisputable.
02:46Après les tarifs de Président Trump en Chine en 2018,
02:49le pays a rétalié avec des tarifs de son propre sur les produits américains.
02:52Maintenant, en 2025, le Mexique est en train de faire la même chose
02:56après le président Trump a dit qu'il allait imposer des tarifs stricts sur la Chine, le Mexique et le Canada.
03:01Je pense qu'on peut être dans le milieu d'un troisième grand changement dans la politique des tarifs américains.
03:07Et c'est les tarifs, simplement expliqué.
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