Tariff
A tariff is a tax or custom duty on an imported good. It can take one of two forms: (1) a tax per unit, known as a specific tariff, or (2) a tax based on the value of the good, known as an ad valorem tariff.
Prior to the income tax, tariffs were the principal way for most of American history to support the federal government.
In telecommunications, a tariff consists of documents filed by a common carrier describing its services and the payments to be charged for such services.[Citation Needed]
Tariffs can lead to a reduction and higher prices on foreign imported goods. Like the corporate income tax, domestic consumers ultimately pay the tax.
| “ | My fellow Americans:
Last Wednesday I notified Congress of my decision not to impose either quotas or tariffs on foreign shoe imports into this country. I'd like to talk with you about that decision because the case of shoe imports illustrates why so-called protectionism is almost always self-destructive, doing more harm than good even to those it's supposed to be helping.... |
” |
—Ronald Reagan, Radio Address to the Nation on Free and Fair Trade, August 31, 1985. | ||
Russian tariffs on EU goods
- See also: Maidan coup
The Russian Federation has extensive tariffs on goods produced in the European Union.[1] Alternatively, the Russian Federation had a free trade agreement with Ukraine prior to the United States,[2] under the Obama administration, staging a coup in February 2014 against the democratically elected government of Ukraine that brought a fascist and neo-Nazi regime to power.[3] One of the new regime's first acts was to withdraw from the free trade agreement with the Russian Federation and enter into an Association Agreement with the EU.[4]
Trump tariffs
U.S. President Donald Trump supports tariffs as a way of restoring American jobs lost due to massive trade deficits. Critics of President Trump's tariff proposals are often beneficiaries of products that incorporate items such as low-priced steel imports. Supporters of the President's tariffs believe protective tariffs are a way to protect U.S. producers and American workers.[6] Trump has noted that the most successful vehicles in the auto industry are protected by high tariffs.[7]
Beginning in the First Trump Administration tariffs on Chinese imports stemmed the capital outflow to China, sparked creation of manufacturing and service sector jobs in the U.S., and slowed the Chinese military build-up which previously was being funded by American consumers.[8]
Trump's ongoing "trade war" with the People's Republic of China (his placement of tariffs on Chinese goods, which exist mostly as a result of intellectual property theft from the West) have frustrated liberals and even mainstream conservatives, but even 'classical liberal journalist Tim Pool has stated that his "liberal friends in Hong Kong support the tariffs."
Trump's trade advisors are mulling over the idea of implementing gradually increasing tariffs in order to avoid an inflation spike.[9] By implementing changes gradually, the Trump administration aims to avoid the market volatility that often accompanies sudden policy shifts. The gradual increase in tariffs is intended to give businesses time to adapt to the new trade environment, minimizing the potential negative impact on the economy. This approach has been described as "boiling the frog," where the changes are so gradual that they go almost unnoticed until they have fully taken effect.[10]
Tariffs in history
Tariffs were instrumental in the economic growth of the United States[11] China has also used tariffs to its advantage.[12]
Quote
"Tariff is the most beautiful word in the dictionary." - Donald Trump [13]
See also
References
- ↑ "Russia’s accession to the WTO in 2012 raised the expectations that trade with Russia would benefit from sustained liberalisation. Instead, Russia has progressively put in place numerous measures favouring domestic products and services over foreign ones, and incentivising localisation of production in Russia by foreign companies." trade relations with Russia. Facts, figures and latest developments. policy.trade.ec.europa.eu
- ↑ Newsmaker Interview: H.E. Sergey Lavrov, Doha Forum, Jan 30, 2025. YouTube.
- ↑ The Ukraine Mess That Nuland Made, By Robert Parry, ConsortiumNews, Published July 15, 2015. truthout.org
- ↑ EU trade relations with Ukraine. Facts, figures and latest developments. policy.trade.ec.europa.eu
- ↑ ‘The most beautiful word in the dictionary’: Donald Trump’s tariff plan – podcast
- ↑ Two Things Missing From Debates On US-China Fights
- ↑ Carney, John (November 28, 2018). Trump Points Out the ‘Chicken Tax’ Has Protected America’s Best Vehicles for Decades. Breitbart News. Retrieved November 28, 2018.
- ↑ [1]
- ↑ Trump Tariffs: Advisers Mull Gradual Hikes To Avoid Inflation Spike, Investors Business Daily
- ↑ https://x.com/DrJStrategy/status/1879123573375180973
- ↑ Multiple references:
- Carney, John (August 15, 2018). Carney: Trump is Right, ‘Our Country Was Built on Tariffs’. Breitbart News. Retrieved August 15, 2018.
- Byas, Steve (August 16, 2018). Tariffs and the Founding Fathers. The New American. Retrieved August 16, 2018.
- Buchanan, Patrick J. (July 26, 2018). Did Tariffs Make America Great? The New American. Retrieved August 16, 2018.
- ↑ Ferry, Jeff (August 17, 2018). Actually, tariffs work — look no further than China's booming economy for proof. USA Today. Retrieved August 17, 2018.
- ↑ ‘The most beautiful word in the dictionary’: Donald Trump’s tariff plan – podcast
External links
- Are Tariffs Good for America?, by Steve Byas at The New American, March 12, 2018.
- Can tariffs be a good thing?, Peterson Institute for International Economics, 2024
- Tariffs done right can rebuild our economy, Coalition for a Prosperous America, 2024
- Trump Reiterates 'Reciprocal Tariffs' Threat To India, China, Brazil; ‘Will Make U.S. Rich Again…’, Hindustan Times, 2024
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