Charlottesville, VA (CVILLE RIGHT NOW) – In a recent discussion on Morning News, CBS Business Analyst Jill Schlesinger broke down the effects of tariffs on American businesses and consumers, highlighting how these trade policies could lead to rising prices. 

“A tariff is like an extra charge, a tax, or a duty that is imposed on some broader class of imports or exports,” Schlesinger explained. “In this case, we’re talking about imports, and I think there’s a lot of confusion about who pays for a tariff. A tariff is paid for by the importing company.” 

Schlesinger emphasized that companies often pass these costs onto consumers, leading to potential price increases for goods such as cars and fresh produce. “Some researchers came out and they said we think prices for U.S. car buyers are going to rise by about 3,000 on average.” she noted. “That’s a lot… We’re going to see some higher prices.” 

As trade policies continue to evolve, Schlesinger noted that retaliation from other countries and extended tariff durations could further impact markets and consumers in the coming months. 

Listen here for the full conversation: