this post was submitted on 06 Apr 2025
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Explain Like I'm Five

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What exactly are tariffs and how do they work? (lazysoci.al)
submitted 1 day ago by CheeseToastie@lazysoci.al to c/explainlikeimfive@lemmy.world
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I have 0 maths or economy skills, so I do need it explained like I'm 5. They're in the news a lot atm but I just don't understand them

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[โ€“] CheeseToastie@lazysoci.al 3 points 1 day ago (1 children)

Thank you so much for this simple breakdown! It makes sense now and im bookmarking the comment. Why do you think the government is putting these tarrifs in? The real reason, not what they're telling people.

[โ€“] Phil_in_here@lemmy.ca 3 points 1 day ago

The cynical perspective is that it's an attempt to consolidate wealth for the wealthy.

Basically, you drive the price up on everything and force the least able to bear the loss in revenue to give up and sell.

Elon Musk can afford to lose $11 billion, because he still has $200 billion left over and that is obviously more than anyone needs to keep afloat for a few bad years. The same goes for every billionaire and every multibillion dollar company.