Trade wars between the United States and much of the world are expected to inflict more pain on Kansas businesses and consumers in coming months, especially if President Donald Trump adds to his list of taxes on imports.
Tariffs are explained different ways by different politicians, but they are basically taxes imposed on things that companies want to import into the United States. These taxes can be applied to raw materials, manufacturing parts, livestock, fiber, grains, food, retail goods, professional services whatever U.S. officials dictate.
The purpose of tariffs historically was to raise revenue for the federal government and to protect American businesses from overseas competition. Trump is not the first president to impose tariffs, but he is the first in modern history to use them as his go-to, all-purpose tool.