I’m sure you have seen the word tariff multiple times in the last six months. Something that has become very popular under the Trump administration, tariffs are everywhere and are affecting everyone. But what is a tariff and how does it apply to the United States and the global market? At its core, tariffs are simply a type of tax; however, they can get much more complicated than that.

In August 2017, at BRD Medical College in Gorakhpur, India, medical oxygen was fully cut off due to the hospital's inability to pay over...