Why is Trump putting tariffs on Australia? What are tariffs and who pays for them

News Snapshot:

President Donald Trump has unveiled sweeping new tariffs on all goods coming into the United States. Mr Trump dubbed the move 'Liberation Day' and claimed his expansive use of tariffs will usher in a golden era for the US economy. But what exactly is a tariff and why is the president targeting Australia? Here's what you need to know about how tariffs work, who pays for them and what Australia exports to the US. What is a tariff? A tariff is a tax on a product imported from another country. Here's a simple example: Country A is exporting a product...