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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[–] theparadox@lemmy.world 3 points 20 hours ago* (last edited 20 hours ago)

Don't forget my favorite part: Greedflation.

Your iPad now costs $900 because they can blame the price increase on tariffs and inflation. Every other company does it so now more "inflation" and you iPad will be $1,000 next year.

You try to buy a 100% US made tablet (what tariffs are supposed to be used for) but the US company that actually manufacturer goods in the US jacks up their prices too because they can blame inflation and their completion is even more expensive now.

American consumers are about to get fleeced hard and inflation is going to explode while the wealthiest folks slurp up even more of the wealth.