President Trump, an avowed fan of tariffs, authorized a wave of new import duties Saturday on America's three closest trading partners — Mexico, Canada and China. The tariffs on Mexico and Canada were later put on pause for a month. Although tariffs are a bane to most economists, they ...
What Are the Effects of Tariffs? Although tariffs may offer short-term benefits, they also come with long-term tradeoffs that can negatively affect domestic businesses and consumers, as well as a country’s economic efficiency, innovation, and relations with other countries. Potential negative conseq...
Not all goods in a given China tariff category are created equal: if “major processing” occurred outside of China before the products were imported, the goods may not be considered “Chinese-origin,” and such goods may not be affected by the 301 tariffs. “Major processing” ref...
China on Friday raised tariffs on imports from the U.S. to 125%, the country's latest response in an escalating trade war with President Trump. The U.S.'s tariffs on China now total 145%. The 125% tax will make it much more costly for Chinese companies to purchase and bring U.S...
Tariffs are taxes that a country levies on certain classes of imported goods, making them more expensive (all else being equal) for domestic buyers—and thus harder for foreign companies to sell those goods in that country. Tariffs serve as a means of protecting domestic industries, and are ...
Tariffs are one of the oldest trade policy instruments, withtheir use dating backto at least the 18th century. Historically, the main objective of a tariff was to raise revenue. In fact, before ratifying the16th Amendmentin 1913 and formally creating the income tax, the U.S.government raised...
On Wednesday, a report on the Oxford Economics also said that the new US administration's tariffs will likely exacerbate the "slowbalisation" globally. In contrast to uncertainty from the US, China's positive role for the global economy has been highlighted by major international economic ...
However, a protracted trade conflict with the US would be a complex shock to our economy. Firms are now looking for duty and import minimization strategies in cases where they have not had to consider them (i.e., in a CUSMA free trade territory). This article outl...
In this article, we explain what tariffs are currently in place, including retaliatory tariffs by China on US products, and provide an overview of the latest extensions of tariff exemptions. Current tariffs and tariff exemptions The US has imposed tariffs on around US$300 billion worth of Chi...
First, let’s examine tariffs in general. A tariff is a tax imposed by one country on imports of goods or merchandise from another country. In the United States, tariffs (also known as duties or levies) are paid by the importer of record. This means that a U.S. company importing goods...