It's tariff time! Greg Jericho explains how they work.

@GrogsGamut It forces people to buy local. Imagine if Australia had to put a 25% tariff on China for steel. We would’ve saved the steel industry and probably car manufacturing. It would’ve made Australian manufactured products competitive against cheap labour.

Here’s what could get more expensive with Trump’s new tariffs.

@GrogsGamut Short term…. What happens when they move manufacturing to America? I agree it’s targeting everyone but can you not see the end goal? Manufacture more in USA. Then the price comes back down. Short term pain long term gain.

@GrogsGamut What a dunce. How about you employ an actual economist.

@GrogsGamut Well they will start buying American products

@GrogsGamut I thought you liked more taxes. You do whenever it comes to AusGov imposing them.

@GrogsGamut Simple explanation that’s not wrong but very narrow minded Basically, with the increased costs then - - they buy less - they start making their own - move to alternatives - exporters are pressured into lowering prices or losing contracts Flow on effect will be felt in Australia

@GrogsGamut Ya if I was an American in the govt, I wont be taking economic advise from someone having a PhD in English language trying to play economist!!!

@GrogsGamut It’s not dumb policy, you’re just a short sighted halfwit. Trump is forcing American manufacturers to increase production, and force overseas markets to manufacture in the US. He has already struck up to a 1 trillion dollar deal with Japan to bring in manufacturing

@GrogsGamut Bwahahahahahaha! Nice try Greg!