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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]]:
In the 1980s [[President Ronald Reagan]] made the argument against tariffs and in favor of [[free trade]]:
{{Cquote|My fellow [[American]]s:
{{Cquote|My fellow [[American]]s: