SINGAPORE — The newly elected (and former) United States President Donald Trump seems to have a particular fondness for tariffs. He even passionately stated that if there were [a contest for] the most beautiful word in the English language, it would be "tariff."

What exactly are tariffs? In essence, they are taxes imposed by a jurisdiction (such as a country) on goods imported from abroad — nowadays, these often extend to services as well — calculated as a percentage of the product's price.

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