Answer: this is negative
Tariffs are custom taxes that governments levy on imported and some exported goods. The tax is a percentage of the total cost of the product, including freight and insurance. Tariffs are also called customs, import duties, or import fees. In the United States, the U.S. Congress sets the tariffs.
Tariffs work by increasing the price of the import. Those higher prices give an advantage to domestic products within the same market. They are used to protect a nation's industry.
But tariffs are a barrier to international trade. Other countries retaliate and impose their own tariffs. Over time, tariffs reduce business for all countries.
On average, U.S. tariffs are under 2% (as of data from 2017) Countries charge different tariff rates depending on the industry they are protecting. They also charge sales taxes, local taxes, and extra customs fees. Governments collect this at the time of customs clearance.
Countries waive tariffs when they have free trade agreements with each other. The United States has trade agreements with more than 20 countries. Smart U.S. businesses target their exports to these countries. They use trade agreements to execute an intelligent market entry strategy. Their foreign customers pay less for U.S. exports because they are tariff-free.
The Harmonized Tariff Schedule lists the specific tariffs for all 99 categories of U.S. imports. It's called “harmonized” because it's based on the International Harmonized System. It allows countries to classify trade goods uniformly between them. The system describes 5,300 items or most of the world's trade goods. The International Trade Commission publishes the Schedule.
Make your tax filing decision easier by dispelling some of the myths and misconceptions that surround hiring a tax pro versus a DIY tax filing.
The HTS is a guide. The U.S. Customs and Border Protection is the final authority that determines the tariff. It is the only agency that can provide legal advice. It also helps in determining the classification of your import.
U.S. policymakers go back and forth on whether tariffs are good or not. When a domestic industry feels threatened, it asks Congress to tax its foreign competitors' imports. It helps that sector, and that often creates more jobs. Growth in that industry improves workers' lives, but it also raises import prices for consumers. Tariffs always force a tradeoff between workers and consumers.
Another disadvantage of tariffs is that other countries retaliate. They raise tariffs on similar products to protect their domestic industries. That leads to a downward economic spiral, as it did during the Great Depression of 1929.
Examples of U.S. Tariffs
The following examples of U.S. tariffs illustrate how these import taxes function. They highlight their advantages and disadvantages throughout history.
On March 1, 2018, President Trump announced he would impose a 25% tariff on steel imports and a 10% tariff on aluminum. He did it to add U.S. manufacturing jobs. But the tariff has and will raise costs for steel users, like automakers. And they'll pass that onto consumers.
The chart below shows a breakdown of U.S. trade with China, Canada, Mexico, and the European Union. This also includes both enacted tariffs and additional tariffs that President Trump has threatened to pass.
The president can act without Congress' approval only to curb imports that threaten national security. The Commerce Department reported that dependence on imported metals threatens U.S. ability to make weapons. The tariff hurts China the most. Its economy depends heavily on exporting steel to the United States. Trump's move comes a month after he imposed tariffs and quotas on imported solar panels and washing machines.
Explanation:this is positive
Tariffs are custom taxes that governments levy on imported and some exported goods. The tax is a percentage of the total cost of the product, including freight and insurance. Tariffs are also called customs, import duties, or import fees. In the United States, the U.S. Congress sets the tariffs.
hope this helps its a lot i know but i didnt really know abominations sorry!
