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. Trump has noted that the most successful vehicles in the auto industry are protected by high tariffs.
Tariffs in history
- 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.
- 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.