Reminder: Tariffs are taxes.

Marketplace All-in-One

Marketplace

News, Business

4.8 • 1.3K Ratings

🗓️ 3 April 2025

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Uncertainty about tariffs and trade policy has been top of mind since President Donald Trump’s election in November. We finally know how high those tariffs will be (between 10% and 54%) and to which countries they’ll apply (almost all of them). Now, a key question is: How much will prices rise? In this episode, business owners prep for the costs and some economists predict an economic downturn. Plus: The administration wants the IRS to share undocumented immigrants’ protected information with Homeland Security.

Transcript

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0:00.0	It's the sound of another sale on Shopify, the all-in-one commerce platform to start, run, and grow your business.
0:10.8	Shopify is the commerce platform revolutionizing millions of businesses worldwide.
0:16.9	Covering all your sales channels, from a shopfront-ready POS system to its all-in-one
0:22.5	e-commerce platform, Shopify even gets you selling across social media marketplaces, like
0:28.4	Facebook, Instagram, and TikTok. It's time to get serious about selling and get Shopify today.
0:35.3	Sign up for a one pound per month trial at Shopify.com.uk.
0:40.0	U.K. slash Marketplace 22, all lowercase. Go to Shopify.com.uk.U.K. slash Marketplace 22 to take your business to the next level today. Shopify.co.uk slash Marketplace 22.
0:58.0	Just a reminder, tariffs are taxes. And if the markets today were any indication, this round is going to show up all over the economy.
1:07.9	From American public media, this is Marketplace.
1:19.1	In Washington, D.C., I'm Kimberly Adams in for Kai Rizdahl. It's Thursday, April 3rd,
1:24.6	good to have you with us. We now have a pretty good idea of what President Trump's
1:28.6	latest round of tariffs look like, and the rates aren't much higher than many on Wall Street
1:33.8	we're expecting, leading to a massive sell-off today. Tariffs of 10% across the board on most imports,
1:40.7	and then much higher than that, depending on the country, shipping stuff to us.
1:45.0	Now, just a year ago, the average import tax for goods coming into the U.S. was 2.5%.
1:51.2	Now, it's up to 22.5%, according to Fitch ratings, the highest in more than 100 years.
1:59.3	So now that we have these numbers, what does that mean for all of us?
2:03.8	Marketplaces, Sabree Beneshore has that one.
2:06.6	For some businesses, tariffs were already hitting.
2:08.9	Eugene Jen is a partner at Genesis Group, a family-owned home builder in New York.
2:12.7	We placed an order for specialty stainless steel.
2:15.3	From the time that we first quoted the job back in February to now, my vendor told me
	...

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