How tariffs actually work (in plain English)

Tariffs have suddenly become a massively disruptive feature of the U.S. economic landscape, upending supply chains and threatening consumers with a new wave of inflation.⁠
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Yet even as tariffs dominate headlines, most people would struggle to explain how they actually work. How do U.S. businesses keep track of them? How do firms know how much they owe? The answer: It’s not easy. ⁠
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To understand how tariff collection works in practice, Fortune spoke with customs brokers and legal experts about what happens after the White House announces a new tariff.⁠
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Fortune Finance Editor Jeff John Roberts explains.⁠