00:00Who paid the tariff on it?
00:01The Chinese government pays the tariff.
00:02No, they don't.
00:03Yes, they do.
00:04I'm an importer and exporter for 20 years.
00:07Okay.
00:08When a product comes into the U.S., there's something called a tariff sheet.
00:12Okay.
00:13I, as the buyer of that product, follow U.S. law and pay the tariff.
00:20Some goods are tariff-free.
00:23But when I pay that tariff, I'm an American citizen, an American taxpayer, right?
00:28That tariff might be 1%, it might be 7%, it might be 14%.
00:32That means, I, I'm a U.S. company, I pay that tariff to the U.S. government, and that increase
00:39in the cost of the product, I then sell to you for a higher price, because I'm going to cover
00:44that tariff.
00:45Our tariffs are hard when they go overseas, as opposed to theirs coming here.
00:48So tariffs are never a zero-sum game.
00:51Tariffs are a tool.
00:52So, for example, you might say, do you want to sell us your peanuts?
00:55We are going to give you a low tariff if you buy our coin.
01:00But the cost of the tariff is ultimately always borne by the consumer.
01:06The end consumer always pays the tariff.
01:08But then...
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