A tariff is a financial penalty imposed on imported products to protect or promote domestic manufacturing. For example, some countries produce steel at a far lower cost than American manufacturers, so the U.S. could place a high tariff on imported steel from every country in the world to level the playing field for domestic producers. The Trump administration says it wants to encourage companies to manufacture more products in America, so a sweeping 10% tariff was imposed on all imported most goods from eve ...