A small business owner recently shared his frustration with an employee who couldn’t understand why their hours were being cut due to tariffs. The reason was that Canada and China, which impose taxes on US imports, would pay extra for goods brought in, increasing the cost for US businesses.
The employee had questioned why this would affect packaging costs, demonstrating a lack of grasp on how tariffs work. This sparked a heated discussion among small business owners and economists on Reddit, highlighting the issue of economic literacy.
Many commenters shared their own experiences with explaining basic economic concepts to employees, customers, or fellow business owners, revealing a broader problem with financial education in schools. Tariffs have tangible effects on businesses and workers, including disrupted supply chains, raised costs, and layoffs.
A recurring theme in the discussion was frustration over misinformation spread by politicians about who actually pays tariffs. The experience for the small business owner has been eye-opening, but also exhausting, as he wishes people would do their own research instead of relying on him to explain complex economic concepts.
As the discussion highlights, tariffs are not just abstract political debates, but have real-world consequences for businesses and workers. It’s a call to action for individuals to take responsibility for understanding economic policies that affect them.
Source: https://www.benzinga.com/news/25/03/44347512/wait-tariffs-are-just-a-tax-on-us-employee-shocked-as-small-business-owner-cuts-his-hours-because-of-the-tariffs