What are tariffs, and how do they work?

About this video

Explore how tariffs work and dig into how their enactment can set off an economic chain reaction that impacts global trade. -- In 1930, in hopes of supporting farms and manufacturing, President Hoover made a bold decision: he approved a sweeping 20% tax on all imported agricultural and industrial goods. But the plan completely backfired, leading exports to fall and global trade to decline. And it wouldn't be the last time a world leader was shocked by a tariff’s consequences. Trace the economic chain reaction of tariffs. Directed by Avi Ofer. Support Our Non-Profit Mission ---------------------------------------------- Support us on Patreon: http://bit.ly/TEDEdPatreon Check out our merch: http://bit.ly/TEDEDShop ---------------------------------------------- Connect With Us ---------------------------------------------- Sign up for our newsletter: http://bit.ly/TEDEdNewsletter Follow us on Facebook: http://bit.ly/TEDEdFacebook Find us on Twitter: http://bit.ly/TEDEdTwitter Peep us on Instagram: http://bit.ly/TEDEdInstagram ---------------------------------------------- Keep Learning ---------------------------------------------- View full lesson: https://ed.ted.com/lessons/what-are-tariffs-and-how-do-they-work Dig deeper with additional resources: https://ed.ted.com/lessons/what-are-tariffs-and-how-do-they-work/digdeeper Animator's website: https://aviofer.com Music: https://www.wonderboyaudio.com ---------------------------------------------- Thank you so much to our patrons for your support! Without you this video would not be possible! Ophelia Gibson Best, Paul Schneider, Joichiro Yamada, Henrique Cassús, Karthik Cherala, Clarence E. Harper Jr., Vignan Velivela, Ana Maria, Exal Enrique Cisneros Tuch, Tejas Dc, Khalifa Alhulail, Martin Stephen, Jose Henrique Leopoldo e Silva, Mandeep Singh, Abhijit Kiran Valluri, Morgan Williams, Devin Harris, Pavel Zalevskiy, Karen Goepen-Wee, Filip Dabrowski, Barbara Smalley, Megan Douglas, Tim Leistikow, Ka-Hei Law, Hiroshi Uchiyama, Mark Morris, Misaki Sato, EdoKun, SookKwan Loong, Bev Millar, Lex Azevedo, Michael Aquilina, Jason A Saslow, Yansong Li, Cristóbal Moenne, Dawn Jordan, Prasanth Mathialagan, Samuel Doerle, David Rosario, Dominik Kugelmann - they-them, Siamak Hajizadeh, Ryohky Araya, Mayank Kaul, Christophe Dessalles, Heather Slater, Sandra Tersluisen, Zhexi Shan, Bárbara Nazaré, Andrea Feliz, and Victor E Karhel.