Who would pay for Trump's promised tariffs? You will!

Incoming President Donald Trump has made his feelings about tariffs very clear: "The word 'tariff' is the most beautiful word in the dictionary," he has said. "I think it's more beautiful than 'love.' … I love tariffs! … Music to my ears!"

And what exactly is a tariff? It is a tax. According to Dartmouth economics professor Doug Irwin, "In U.S. history, we're basically only talking about import tariffs, taxes on imported goods coming into the U.S."

Irwin says governments have all kinds of reasons for introducing tariffs: "Sometimes it's to reduce the trade deficit. Sometimes it's to bring back jobs. Sometimes it's to punish other countries for their unfair trade practices. Sometimes it's to raise revenue so that we can cut income taxes."