Students learn a lesson on how tariffs can impact their everyday expenses, exploring how taxes on imports influence the cost of goods and affect consumer choices. They examine how tariffs work, why they’re implemented, and the potential effects on personal budgets and household finances. Through real-world examples and discussions, students gain insight into the broader economic impacts of tariffs, enhancing their understanding of consumer rights and financial decision-making.
CONCEPTS
Use this video lesson on tariffs and the economy. Learn basic related concepts of
- Budgeting
- Consumer Rights
- Economic Impacts
- Price Increases
- Decision Making
- Financial Planning
- Cost of Living
- Consumer Choices
- Income and Careers
- Credit and Debt
- Risk Management
- Saving and Investing
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
Trump’s Tariffs Explained: Will Prices go Up?
After watching the video, ask students to summarize the main points made in the video.
Lesson Plan: Trump’s Tariffs Explained: Will Prices Go Up?
Grade Level: High School (Grades 9-12) / Introductory Economics Class
Duration: 60 minutes
Lesson Objectives:
- Understand the concept of tariffs and their potential impact on consumer prices.
- Analyze why tariffs are implemented and how they affect both domestic and foreign markets.
- Discuss the broader economic implications of tariffs, including potential trade wars and effects on household budgets.
- Engage in critical thinking through real-world examples and discussion.
Materials Needed:
- Video: “Trump’s Tariffs Explained: Will Prices Go Up?”
- Projector or screen for video viewing
- Printed copies of the Discussion Questions and Activity Instructions
- Whiteboard or chart paper and markers for group activity
- Quiz based on the video content (to be administered separately)
Lesson Outline:
1. Introduction to Tariffs (10 minutes)
- Start with a brief explanation of tariffs. Ask the class if they’ve heard the term before and what they think it means.
- Introduce the main topics covered in the video: what tariffs are, why they’re applied, and their effect on prices and the economy.
- Provide a quick summary of the lesson objectives so students know what to expect from today’s lesson.
2. Video Viewing: “Trump’s Tariffs Explained: Will Prices Go Up?” (15 minutes)
- Play the video for the class. Encourage students to take notes on key concepts, examples, and any questions that come up during the video.
3. Discussion Questions (15 minutes)
Divide students into small groups and ask them to discuss the following questions. After 10 minutes, have each group share their answers with the class.
- What are tariffs, and why might a government choose to implement them?
- How do tariffs impact the prices of goods for consumers?
- Can you think of examples where higher prices on imported goods might affect your household budget?
- What are some possible positive effects of tariffs on a country’s economy? What are some negative effects?
- How could tariffs lead to a “trade war”? What impact might that have on global economies?
- Do you think tariffs are an effective way to protect American jobs? Why or why not?
4. Group Activity: The Tariff Impact on Consumer Goods (15 minutes)
In this activity, students will work in groups to explore how tariffs could impact the price of specific items.
- Assign each group one product category impacted by tariffs, such as electronics, clothing, cars, or food ingredients.
- Ask each group to brainstorm how a 20% tariff on that product might affect its price for consumers and businesses. Consider questions like:
- How much more might consumers pay?
- Will this impact low- and middle-income families differently than high-income families?
- Could this encourage consumers to buy similar products made domestically?
- Would the businesses importing these items lose sales if prices increased? Why or why not?
- Have each group present their findings to the class. Write down key points on the whiteboard to illustrate the variety of impacts tariffs can have.
5. Wrap-Up and Review (5 minutes)
- Recap the key points discussed during the lesson:
- Tariffs are taxes on imports and can lead to higher consumer prices.
- They are often used to encourage domestic purchases and protect local jobs, but they can have wide-reaching economic effects.
- Tariffs can lead to international trade disputes, sometimes escalating into trade wars.
- Emphasize that while tariffs aim to protect certain sectors, they can also increase costs for consumers and businesses.
- Encourage students to reflect on how global trade policies affect everyday life in subtle yet impactful ways.
6. Homework Assignment
Assign the students a brief reflection to be completed as homework:
- Write a short paragraph on whether you think tariffs are a good or bad idea, supporting your view with points discussed in class.
7. Quiz
- Administer a quiz based on the video content to assess understanding.
- Sample questions could include:
- What is a tariff, and who pays it?
- How might tariffs impact the prices of goods in stores?
- What are some reasons a government might decide to implement tariffs?
- Explain how tariffs can lead to a trade war.
- Discuss one positive and one negative effect of tariffs on the U.S. economy.
Optional Extension Activity:
- Have students research recent tariffs applied by the U.S. on any product and write a short report on its economic impact.
- Encourage students to examine consumer reactions, price changes, and effects on U.S.-based companies.
Lesson Resources
LESSON WORKSHEET
Worksheet includes multiple choice quiz.
