As of Friday morning, the United States has levied 25% tariffs on nearly one-third of all Chinese products in response to President Xi Jinping of China reportedly reneging on parts of a drafted agreement presented to him post-negotiation by U.S. and Chinese officials.  Tariffs and trade disputes have been front-page news for over a year now, and I get questions about them all the time. The details of how tariffs work aren’t hard to understand, but sometimes the economic consequences are. With tariffs back in the news I thought I’d take a moment to explain (written and graphically as we had to do in my graduate trade class) how these tariffs actually work. [Read more…] about ‘It Depends’ – How do all these tariffs actually work?