trade wars sign It's beenestimated that 80% of the raw ingredients for drugs used in theUnited States and 30% of the inputs used for medical devices comefrom outside of the United States, including China. Supply chainprice increases caused by potential trade wars have the potentialto raise consumer prices, from drugs to heart monitors. (Photo:Shutterstock)

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

A tariff, by definition, is a government-imposed tax on importedor exported goods and services, usually in the form of apercentage, such as 25% on aluminum imports. When countries imposetariffs on each other, often as retaliation, trade wars canensue.

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