Tariff

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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.

U.S. President Donald Trump supports tariffs as a way of resorting American jobs lost due to massive trade deficits. Tariffs were used for most of American history to build economic strength. 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.[1] Trump has noted that the most successful vehicles in the auto industry are protected by high tariffs.[2]

In telecommunications, a tariff consists of documents filed by a common carrier describing its services and the payments to be charged for such services.

Tariffs in history

Tariffs were instrumental in the economic growth of the United States[3] China has also used tariffs to its advantage.[4]

See also

References

  1. Two Things Missing From Debates On US-China Fights
  2. 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.
  3. Multiple references:
  4. Ferry, Jeff (August 17, 2018). Actually, tariffs work — look no further than China's booming economy for proof. USA Today. Retrieved August 17, 2018.

External links