We answer more of your questions about tariffs
Make Me Smart
Marketplace
4.6 • 5.4K Ratings
🗓️ 20 March 2025
⏱️ 10 minutes
🧾️ Download transcript
Summary
Not totally sure how tariffs work, who pays for them and how they’re collected? Look no further. In today’s episode, Kai and Nova answer these questions and more. We’ll explain how tariffs are applied and what they’re based on, as well as what happens when a good crosses a border multiple times. Plus, what’s the point of a country retaliating with tariffs if its citizens have to pay for them? We’ll get into it.
Here’s everything we talked about today:
- “Who Pays for Tariffs? Here’s What You Need to Know.” by The New York Times
- “China’s retaliatory tariffs on agricultural goods will squeeze farmers” from Marketplace
- Listen: Audio snippet on deals exporters and importers make to determine who will pay in the event of unexpected tariffs via OtterAi
- “How Tariffs Work” from The New York Times
- “Automakers warn that Trump tariffs will hike vehicle prices as much as 25%” from Reuters
- “Buying a Car? Trump’s Tariffs Could Make It More Expensive.” by The New York Times
- “Europe Delays Tariffs on U.S. Whiskey to Make Time to Negotiate” by The New York Times
- “Trump’s 200% tariff threat would be ‘a real disaster’ for Europe’s wine industry” by AP News
Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.
Transcript
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| 0:00.0 | I cannot believe he brought transitory back. |
| 0:02.9 | Unbelievable. |
| 0:04.4 | I would have lost that bet. I would have lost that bet, too, man. |
| 0:06.2 | I literally, in our morning meeting about a week, 10 days ago, Nancy said, you know, we'll see if transitory comes up. |
| 0:13.0 | And I literally said, I will bet you my car and my house that he will not say transitory. |
| 0:20.5 | So, well, you got to pay up Well, you've got to pay up. |
| 0:21.9 | Yeah, I've got to pay up, right? |
| 0:23.7 | Let's go. |
| 0:27.9 | Dance to that beat. |
| 0:29.9 | Hey, everybody, I'm Con. |
| 0:31.0 | I'm Rizda. Welcome back to Make Me Smart. |
| 0:32.7 | Where we make the day make sense. |
| 0:35.5 | And I'm Novosafo and for Kimberly Adams. |
| 0:39.4 | Thanks, everybody, for joining us. It's Thursday, |
| 0:44.6 | March 20th. We are going to talk tariffs today. We're getting a lot of questions from all y'all about them. We are going to answer some of them. Here is the first one. And in Georgia |
| 0:49.8 | wants a nuts and bolts explanation of how tariffs work. She writes, how are tariffs applied to items coming into the United States and what happens if the |
| 0:58.2 | tariff changes multiple times in a week? Novosafo, go. |
| 1:02.9 | Well, I mean, they're charged at the port of entry, and I didn't know this, but there's a whole |
| 1:10.1 | industry, cottage industry of folks who are kind of, |
| 1:13.2 | who work with importers to figure out the paperwork, pay the tariffs to the government, |
| 1:18.2 | essentially the tax on what's coming in to the government. |
| 1:22.2 | And yeah, that's how it works. |
... |
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