Trump's 25% tariffs are on pause for now — So, what are tariffs and how can they impact your wallet and investment portfolio?

Tariffs are taxes imposed on imported goods and services. A tariff is paid by the importing business — so if a Canadian business owner imports a good from the US, the Canadian business owner would have to pay a tariff imposed by the Canadian government on US goods.

The most common form of tariff is ad valorem (Latin for, “according to value”). These tariffs are levied as a fixed percentage of the value of imports and are often used to raise revenue for government or to protect domestic industries.

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