Two ways the government can address the imbalances that free trade may create at home are through import quotas and tariffs. Both policies may sound ominous, but tariffs are worse on your wallet ...

President Trump is an avowed supporter of tariffs, but many experts say such trade measures can boost inflation.

Tariffs are paid by domestic consumers and not the exporting country, but they have the effect of raising the relative prices of imported products. Other trade barriers include quotas, licenses ...