What is the long term effects of tariffs?

Long-term effects of tariffs can include reduced trade volumes and increased prices for consumers, as domestic industries may become less competitive without foreign competition. They can also lead to retaliation from other countries, causing trade wars that disrupt global supply chains. Additionally, tariffs can encourage domestic industries to become complacent, stifling innovation and efficiency. Overall, while tariffs may protect specific sectors in the short term, they can harm the broader economy and consumer welfare over time.