Get a 7-day free trial and 40% off Blinkist Annual Premium by clicking https://bit.ly/NewMoneyDec24 or scanning the QR code. The word "tariff" has emerged as a focal point in discussions about America's economic future. With Donald Trump's administration advocating for heavy tariffs on countries like China, Canada, and Mexico, the implications of these policies are profound. The idea that tariff revenue could potentially replace income taxes is intriguing yet controversial. This video delves into the mechanics of tariffs and explores whether they truly benefit or burden American families amidst rising living costs. ★ ★ IN PARTNERSHIP WITH STAKE ★ ★ 💰Get $10 FREE credit and a FREE U.S. stock, use code NewMoney: https://on.hellostake.com/newmoney Stake Rewards T&Cs apply: https://hellostake.com/au/legal/stake-aus-rewards-terms-conditions ★ ★ LEARN TO INVEST ★ ★ Get started investing on the right foot with our step-by-step investing courses: https://newmoney.education/ ★ ★ CONTENTS ★ ★ 0:00 Replacing Income Taxes with Tariffs 1:25 How Tariffs Work 6:10 Trump's Tariff Plan 7:40 Can Tariffs Eliminate Income Tax? 10:10 The Annoying Problem with Tariffs 11:30 Rising Costs of Goods My Podcast: https://www.youtube.com/c/TheYoungInvestorsPodcast Brandon van der Kolk is authorised to provide general financial product advice in Australia and is an Authorised Representative (Number 1305795) of Guideway Financial Services Pty Ltd, AFSL Number 420367. Any advice is general & does not consider your financial situation, needs or objectives so consider whether it's appropriate for you. Read Brandon's Financial Services Guide available from https://guideway.com.au/NewMoney.pdf. Past performance is not a reliable indicator of future investment returns. Contact email: hello@newmoney.contact Note: I do not have the ability to answer all emails, but know that each email is read. If enquiring about sponsorship, New Money is currently only seeking sponsorship from established brands. #Tariffs #EconomicPolicy