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Tariffs can lead to a reduction and higher prices on foreign imported goods.<ref>Based upon the [[law of supply and demand]].</ref> Like the [[corporate]] [[income tax]], domestic [[consumer]]s ultimately pay the tax in higher prices.
Tariffs can lead to a reduction and higher prices on foreign imported goods.<ref>Based upon the [[law of supply and demand]].</ref> Like the [[corporate]] [[income tax]], domestic [[consumer]]s ultimately pay the tax in higher prices.
[[President Ronald Reagan]] made the argument against tariffs and in favor of [[free trade]]:
{{Cquote|My fellow [[American]]s:
{{Cquote|My fellow [[American]]s:
Last Wednesday I notified Congress of my decision not to impose either quotas or tariffs on foreign [[shoe]] imports into this country. I'd like to talk with you about that decision because the case of shoe imports illustrates why so-called [[protectionism]] is almost always self-destructive, doing more harm than good even to those it's supposed to be helping....|||[[Ronald Reagan]], [https://www.presidency.ucsb.edu/documents/radio-address-the-nation-free-and-fair-trade-0 Radio Address to the Nation on Free and Fair Trade], August 31, 1985.}}
Last Wednesday I notified Congress of my decision not to impose either quotas or tariffs on foreign [[shoe]] imports into this country. I'd like to talk with you about that decision because the case of shoe imports illustrates why so-called [[protectionism]] is almost always self-destructive, doing more harm than good even to those it's supposed to be helping....|||[[Ronald Reagan]], [https://www.presidency.ucsb.edu/documents/radio-address-the-nation-free-and-fair-trade-0 Radio Address to the Nation on Free and Fair Trade], August 31, 1985.}}
The anti-tariff [[free trade]] movement targeted [[US]] [[labor union]]s, many of which were deemed to by under [[communist]] control during the [[Cold War]].
==Russian tariffs on EU goods==
==Russian tariffs on EU goods==