tariff

Examples of tariff in the following topics:

• Tariffs

  • They are more common than export tariffs.
  • Revenue tariffs: Tariffs levied in order to raise revenue for the government.
  • Specific tariffs: Tariffs that levy a flat rate on each item that is imported.
  • Ad valorem tariffs: Tariffs based on a percentage of the value of each item.
  • Compound tariffs: Tariffs that are a combination of specific tariffs and ad valorem tariffs.

• The Tariff and the Politics of Protection

  • The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress framed by Representative William McKinley that became law on October 1, 1890.
  • Lawmakers immediately started drafting new tariff legislation.
  • Cleveland's opinion on the tariff was that of most Democrats: the tariff ought to be reduced.
  • American tariffs had been high since the Civil War, and by the 1880s the tariff brought in so much revenue that the government was running a surplus.
  • The bill proposed moderate downward revisions in the tariff, especially on raw materials.

• Protective Tariffs

  • The Tariff Act of 1789 provided the first national source of revenue for the United States.
  • The Tariff Act taxed all imports at rates from 5 to 15 percent.
  • The culmination came with the Tariff of 1828, ridiculed by free traders as the "Tariff of Abominations," with import custom duties averaging more than 25 percent.
  • Calhoun strongly opposed the tariff and urged nullification of the tariff within South Carolina.
  • On July 14, 1832, President Andrew Jackson signed into law the Tariff of 1832, which made some reductions in tariff rates.

• Tariff Reform

  • In 1908 Republicans promised to lower unpopular tariffs on U.S. imports, but the Payne-Aldrich Tariff Act further divided Republicans.
  • Senator Payne proposed a bill that lowered the tariff on many imported goods.
  • In the end, Congress adopted the Payne-Aldrich Tariff, which lowered 650 tariffs, raised 220 tariffs, and left 1,150 tariffs untouched.
  • Although the Payne-Aldrich Act did very little to the current status of tariffs, it angered many Democrats, Progressives, and progressive Republicans because it did not solve the tariff issue.
  • Describe the role of tariffs in mid- and late-19th century politics

• Planter Power

  • The Tariff of 1828 was a protective tariff passed by the Congress of the United States on May 19, 1828, designed to protect industry in the northern United States.
  • The Tariff marked the high point of US tariffs.
  • It was approached, but not exceeded, by the Smoot–Hawley Tariff Act of 1930.
  • The first protective tariff was passed by Congress in 1816; its tariff rates were increased in 1824.
  • Representatives in the New England states to vote for the tariff increase (House Vote on Tariff of 1828).

• The Tariff

  • The United States Revenue Act of 1913 re-imposed the federal income tax, and lowered basic tariff rates from 40% to 25%.
  • The United States Revenue Act of 1913 (also known as the Tariff Act, Underwood Tariff or Underwood-Simmons Act) re-imposed the federal income tax following the ratification of the Sixteenth Amendment.
  • Additionally, it lowered basic tariff rates from 40% to 25%, well below the Payne-Aldrich Tariff Act of 1909.
  • In April 1913, President Wilson summoned a special joint session of Congress in order to confront the perennial tariff question.
  • The 1913 Act established the lowest rates since the Walker Tariff of 1857.

• Nullification

  • The controversial and highly protective Tariff of 1828 (known to its detractors as the "Tariff of Abominations") was enacted into law during the previous presidency of John Quincy Adams.
  • The South and parts of New England opposed the tariff and expected that the election of Andrew Jackson as president would result in the tariff being significantly reduced.
  • As such, the tariff was labeled the "Tariff of Abominations" by its Southern detractors because of the effects it had on the antebellum economy in the South.
  • By 1828, South Carolina state politics increasingly organized around the tariff issue.
  • This compromise tariff received the support of most Northerners and half of the Southerners in Congress.

• Promoting Free Trade

  • Government can promote free trade by reducing tariffs, quotas, and non-tariff barriers.
  • Tariffs and quotas are explicit government policies that are designed to protect domestic producers, even if they are not the most efficient producers .
  • In addition to tariffs and quotas, there are a number of other barriers to free trade that countries use.
  • Broadly, they are categorized as non-tariff barriers (NTBs).
  • NTBs act just like tariffs and quotas in that they are barriers to free trade.

• The General Agreement on Tariffs and Trade (GATT)

  • The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement regulating international trade.
  • The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement regulating international trade.
  • According to its preamble, its purpose is the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis. " GATT was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO).
  • GATT held a total of eight rounds, during which countries exchanged tariff concessions and reduced tariffs.
  • Outline the history of the creation of the General Agreement on Tariffs and Trade (GATT)

• Quotas

  • A tariff is a barrier to trade that taxes imports or exports, thus increasing the cost of a good.
  • There are two main types of import quota: the absolute quota and the tariff-rate quota.
  • A tariff-rate quota is a two-tier quota system that combines characteristics of tariffs and quotas.
  • For example, under a tariff-rate quota system, a country may allow 50 million pens to be imported at the low tariff rate of $1 each.
  • In the US, the import of sugar is regulated by tariff-rate barriers.