You might get around tariffs by lying about what goods you’re importing, their value or where they’re from. But the penalties are severe.
Copper prices rose rapidly a few weeks ago, ahead of further tariff announcements. But the metal ended up on a short list of goods exempted from import taxes.
Most of the shoes and clothes purchased in the U.S. come from countries hit hard by tariffs.
A range of services — including software companies, hotels and restaurants — may also suffer as discretionary spending dries up.
It’s been a confusing ride. Here’s a time line of what is happening and what tariffs are currently in place.
Tariffs and other issues with the U.S. are prompting moves toward decoupling. But the Continent lags in growth and innovation.
“It feels like it’s been psychological torture,” said Daniella Velazquez de León, general manager of Organics Unlimited.
Because if we want to buy imports, we either have to export an equivalent amount or borrow money.
Some goods, like produce from Mexico and home appliances from China, could get more expensive soon.
Once new levies take a bite out of imports, the currency’s value is likely to grow, making American goods more expensive for foreign buyers.