And so tariffs are at the intersection of laying, collecting taxes, duties, imposts and excises, in other words, taxing and regulating commerce with foreign nations. Historically, tariffs have been a traditional tool for regulating imports and international trade. On the other hand, tariffs are literally taxes, their duties. It's the oldest and most classic taxation. (04:37–04:46)
CLAIM
Asserts that tariffs have historically been used to regulate imports and international trade.
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