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What Parts of the United States Trade the Most?
Abstract: Tariffs are taxes on goods and services imported from foreign countries. Economic theory suggests tariffs make imported products relatively more expensive than domestically made ones, encouraging households and businesses to buy products made in their home country and encouraging businesses to produce domestically. Not all households and businesses are equally affected by tariffs. For example, lower-income households spend a greater share of their budgets on imports.1 And among businesses, some import more of their inputs, some receive tariff protection, and some export more, potentially making them subject to tariffs by foreign countries.
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Provider: Federal Reserve Bank of Chicago
Publication Date: 2025-06