How do tariffs work?

President-elect Donald Trump has said, "the most beautiful word in the dictionary is tariff, and it’s my favorite word." So what are they? Why might the United States raise or lower a tariff on goods from another country? How has America used tariffs throughout our history? And how might Donald Trump's proposed tariffs affect the cost of goods in the US?

Taking us through tariffs is Dr. Shannon O'Neil, senior vice president and director of studies at the Council on Foreign Relations.

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