An image characterizing the Whiskey Rebellion when a government inspector is tarred during the Insurrection of 1794 in the four western counties of Pennsylvania, caused by Hamilton's excise tax.

An image characterizing the Whiskey Rebellion when a government inspector is tarred during the Insurrection of 1794 in the four western counties of Pennsylvania, caused by Hamilton's excise tax. / Bettman

Last week, President Biden placed tariffs on a slew of Chinese goods. When Donald Trump was president, he did the same. Regardless of who wins the election, the US is gearing up for heavy tariffs on imports in 2024. But this is far from the first time the economic tool has been in style.

Today, a brief history of US tariffs: how they came into fashion, fell out of fashion, are now back again and why economists aren't too happy about it.

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Tags: Tariffs  The Indicator  china tariffs  2024 election