Tariffs explained: A short video from Global Business Journalism

By RICK DUNHAM

Co-Director, Global Business Journalism program

Tariffs are in the news and on everybody's mind. They affect the price of almost everything you buy — in the supermarket, in the digital marketplace, at the auto dealer or if you want to repair your home or apartment.

Tariffs are an economic tool, but they also are a political tool with geopolitical implications. In this short explanatory video, the Global Business Journalism program explains in clear and simple English what tariffs are and how they can affect your life.

This is the first in a series of short explanatory videos that will be produced by Global Business Journalism describing important business and economic concepts in simple, accessible English. Let us know if you have suggestions for future explainers.

---

>>> For a history of tariffs, read our in-depth piece 

>>> For tips on reporting about tariffs and international trade

>>> A chronology of the 2025 U.S.-China tariff war

>>> U.S.-China trade tensions: Their causes and consequences

---

🇺🇸 🇨🇳 U.S.–China Trade Tensions at a Glance

Timeframe	U.S. Tariffs	Chinese Response	Outcome
Feb.–March	10% → 20%	Selective retaliatory tariffs	Escalating trade conflict
Early April	Up to 145% (cumulative)	Matched increases to 84–125%	Peak hostilities
Mid-May	Truce: U.S. lowers to 30%	China lowers to 10%	Temporary calm
Summer–Aug.	Truce extended after negotiations	Export relief on chips; rare-earth issue remains	Pause in escalation
Sept.–Oct.	Threat of 100% tariff from Nov. 1	Tightens export controls and port checks	Renewed tensions ahead of possible leader summit