But for all this talk about tariffs, you may be wondering: What exactly is a tariff and how does it work? Hours before 25% tariffs were set to go into effect on all Mexican and most Canadian goods ...

This tariff can vary according to the type of goods ... Instead of placing a quota on the number of goods that can be imported, the government can require that a certain percentage of a good ...

A specific tariff sets a fixed fee by weight or number of items. Tariffs are paid by the importing businesses to their government, with most costs passed on to consumers of those goods or services.