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trade wars sign It’s been estimated that 80% of the raw ingredients for drugs used in the United States and 30% of the inputs used for medical devices come from outside of the United States, including China. Supply chain price increases caused by potential trade wars have the potential to raise consumer prices, from drugs to heart monitors. (Photo: Shutterstock)

Tariffs and impending trade wars between the United States and other countries has been front and center in the news recently. In fact, a new set of tariffs went into effect in July.

A tariff, by definition, is a government-imposed tax on imported or exported goods and services, usually in the form of a percentage, such as 25% on aluminum imports. When countries impose tariffs on each other, often as retaliation, trade wars can ensue.

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