Tariffs, at the most basic level, are an additional federal tax imposed on imported items.
This year, President Donald Trump has used executive orders to place new, often higher tariffs on items brought into the United States from dozens of countries.
Any American company that wants to bring in items from one of these other countries will have to pay the U.S. government whatever that additional tax is, with the rate varying depending on the country, and sometimes on the item.
The United Kingdom, for example, has negotiated the lowest tariff rate so far, at 10%. That means $1,000 worth of items from a UK company will cost Americans an extra $100 in taxes paid to the U.S. government for the privilege of bringing those items into America.
On the higher side, the tariff rate for things coming from Brazil is 50%, which means $1,000 worth of goods from Brazil will cost an extra $500 for Americans.
Earlier this month, Trump threatened imposing a 100% tariff rate on items from China. This week, though, the U.S. Treasury Secretary said that won't be happening, showing how unpredictable these tariffs have become.
Wednesday on the "Sound of Ideas," we're looking at what this all means for Northeast Ohio businesses, depending on where they buy their materials and where they sell them.
Later in the show, we’ll hear from a children's book author from Youngstown who wants to teach kids about food insecurity.
Many people slow down when they reach retirement, but Dave Grunenwald decided to change careers entirely — channeling his energy into a new creative endeavor.
Through his project, Grandparent Merit Badges, and his companion children's book series, Grunenwald invites families to put down their screens and rediscover the joy of doing things together, like volunteering in their community.
His newest book, "Lucas and Emily's Food Bank Adventure," aims to help children understand empathy and the importance of helping those in need. It's a message that feels especially timely as the season of giving approaches.
Guests:
- Bill Kosteas, Ph.D., Professor of Economics, Cleveland State University
- Julie Robbins, CEO, EarthQuaker Devices
- Ami Rizek, Owner, Doki Doki Kawaii Shop
- Jessie Bennett, Owner, Cleveland Hardwood Restoration
- Dave Grunenwald, Author, "Lucas & Emily's Food Bank Aventure"
