> "A tariff is, essentially, a tax on foreign goods that makes them more expensive relative to similar items made domestically. In theory, this helps boost and protect local industry. The tariff—paid for by the foreign entity—also generates revenue for the government."
> Taxing foreigners was superior to taxing Americans, McKinley rationalized. A tax on foreign products would also protect American businesses
I don't know how it worked in the late 19th century, but today the tariff is always paid by the importer. If a US-based manufacturer needs tariffed sheet steel, and has it imported, that manufacturer -- not the foreign steel mill -- owes the tariff to US Customs when the import is processed at the port or border.
Today, a tariff is quite literally the same thing as taxing Americans, though it could be said that it might shift patterns of consumption and incentivize domestic production. (Which, however, takes time to spin up -- and there are better ways to do that, on display throughout Asia: Subsidies and government investment.)