It has been reported that large food companies in the US could run out of sugar. They said that there could be a severe shortage of sugar used in chocolate bars, breakfast cereal, cookies, chewing gum and thousands of other products. The companies warned they would hike consumer prices and lay off workers if the agriculture department did not allow them to import more tariff-free sugar.

 

So… what’s “Tariffs”?? According to Wiki, Tariffs were the largest source of federal revenue from the 1790s to the eve of World War I, until it was surpassed by income taxes. Since the revenue from the tariff was considered essential and easy to collect at the major ports, it was agreed that the nation should have a tariff for revenue purposes. In practice, it levied an average tax of about 20% of the value of some imported goods (imports that were not taxed were “free”).

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