This will lead to inflation. Once prices increase, the prices won't come down, so the inflation will be permanent.
US manufacturers will get used to decreased competition, which will lead to poor quality and decreased innovation.
Smuggling will increase, particularly from Canada. Instead of going to the Apple store to buy your next phone you will agree to meet a stranger in a dark alley and pay cash to buy a smuggled iPhone.
The tariffs will be felt by poorer Americans while the rich will barely notice.
US manufacturers will get used to decreased competition, which will lead to poor quality and decreased innovation.
Smuggling will increase, particularly from Canada. Instead of going to the Apple store to buy your next phone you will agree to meet a stranger in a dark alley and pay cash to buy a smuggled iPhone.
The tariffs will be felt by poorer Americans while the rich will barely notice.