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Insurance organizations weathered the impacts of economic uncertainly during and since the pandemic, making many of them cautious regarding the proposed tariffs in the U.S. (Credit: Jeerawut/Adobe Stock)Tariffs — or import taxes — play a distinct role in economic policy because of their potential to influence consumer choices and prices, buoy domestic production, and sway international relations.
Popular opinion among economists is that tariffs are ‘self-defeating and have a negative effect on economic growth and welcome.’ However, in an unconventional policy move that falls in line with much of the way U.S. President Donald Trump operates, tariffs have been a central theme of this White House. Proposals include a 25% upcharge on goods from the EU, Canada and Mexico; a 25% charge on all incoming steel and aluminum imports; and a 10% tariff on products from China. “The tariffs are going forward on time, on schedule,” Trump said during a recent White House press conference.
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