Recently a tarrif was set for Canadian wheat. What is a tarrif, why is it set, and who pays.

A tariff is a fee placed on the importation of a foreign good. The consumer pays (its added to the price of the good, usually).

There are many reasons why a tariff would be set. One is to limit the amount of the good that is imported (by making it more expensive relative to the domestic version of the same good). Another reason would be to raise revenue for the levying country. Another would be to punish a country the importing country isn't getting along with (although in that case, it's more likely to be an embargo--refusal to allow any importation).

Thanks, would you happen to know why this tarrif was placed?
In this case would we be the consumer? Or is the canadian wheat not allowed over the border?

I am not sure why this particular tariff was placed, but if it's being levied by America then we are the consumers. If it were not being allowed at all, that would be called an embargo.

Thanks mommytimestwo!

You're welcome!