Trump's Tariffs Raise Costs for American Consumers
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The U.S. will soon have very high taxes on imports. These taxes are called tariffs, and they are like taxes. These new tariffs are the highest in almost 100 years for America.
President Trump has ordered new taxes on goods from many countries. Some countries will have to pay much more. For example, Laos will pay 40% tax and Switzerland will pay 39% tax.
These tariffs are a tax, so American people will pay. Prices for things may go up because of this. One group says each family may lose $2,400 because of these tariffs.
Some stores are raising prices because of the new tariffs. Other stores are trying to keep prices the same for now. A retail group says small stores may not be able to stay open.
Trump says these tariffs will help American factories. He thinks they will make trade more fair for everyone. However, some people think these tariffs are not allowed by law.
Questions
What are the new taxes on imports called?
They are called tariffs.
How much tax will Laos pay?
Laos will pay 40% tax.
What do some people think about the legality of the tariffs?
Some people think these tariffs are not allowed by law.
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