There is a lot of talk and news coverage of Tariffs being imposed on Foreign-made goods, by the US Government, and a lot of that talk is bad. Yet, Tariffs are actually a VERY good thing for the US economy. Here's why:
Tariffs are a tax on imported products. They are paid buy the BUYER, not the seller and they are paid to the US Treasury. It therefore provides incentive for companies to source products domestically or, if they choose not to, the US treasury collects a percentage of the international purchase. The US Government used to be funded almost entirely by tariffs. Yes, one the one hand, the price of goods may rise because the domestic product may be more expensive that its foreign equivalent. But, what is never talked about is the benefit to the US company that sells the product, that this company is able to collect profit that filters back into the domestic economy. In either case, domestic purchase or international purchase, more $$$ remains within US shores and US control, either with the private company or the Treasury.
The second result of tariffs is that of enterprising US companies retooling to expand into the new markets the tariffs create. This may take several years but if, for example, a US spatula company that sold spatulas for $1.35 closed down because a Chinese company began selling spatulas in the US for $1.00 but now a tariff has raised the price of the Chinese spatulas to $1.25, perhaps that American spatula company can now, through innovation, sell their spatulas for $1.25 also. Yes, everyone is now paying more for spatulas than they used to but the cost of supporting that US company is now spread over its entire consumer base and there may be another US company to come along who could not profitably sell spatulas for $1.00 but could at $1.20 or $1.15. , either scenario resulting in US employment.
The tariff naysayer might say that the 25 cents that the American consumer didn't spend on the spatula could be spent elsewhere, stimulating some other segment of the economy. Valid argument. But if that 25 cents is spent purchasing another imported product, the value of that purchase in terms of benefit to the US economy is negligible. "Free trade" has to be fair or it doesn't end up being free to US workers.
Foreign tariffs keeps US companies smaller and more attentive to their domestic customer bases. US Tariffs are often are reciprocated by foreign nations slapping tariffs on US goods. What does this do? It prevents US companies from expanding internationally and focusing too much of their time and efforts on foreign markets. Thus, the size that these companies are able to grow is limited. To everyone complaining about the size, scope and power of "huge, multi-national corporations" that control everything, foreign tariffs do result in limiting the US international footprint and thus reduce the globalist nature of their corporate outlook. US corps must then refocus on their domestic footprint and compete for domestic market share instead of having their domestic market fund their international activities.