TARIFF LAWS

 TARIFF ACT OF 1789

International Trade News Blog - Thompson & Associates, PLLC

What is a tariff? A tariff is a taxed imposed by one country on goods imported from another country. Tariffs are sometimes called Custom Duties. U.S Border Agents not only look for dangerous items but the also look for items taxed as imports. When people or companies are from different countries are looking to shit their merchandise, shipping by air is the fastest and preferred way." The main reason for charging tariffs include:  Limiting imports of goods and services by raising prices, Protecting domestic producers and In retaliation for unfair trade practices by partner countries." (PENPOIN 2021) There are two types of tariffs, the first one is the Specific tariff which is imposed on one unit if a good and the other one is the Ad valorem tariff which is levied as a certain percentage of a good's value. 

The Tariff act of 1789 was passed on July 4th by the congress."... and it contained many of the characteristics found in later tariff acts. Most imported goods were subject to a 5-percent-ad-valorem duty, which meant simply that they were truced at 5 percent of their value. The act also listed a number of specific duties on particular items, regardless of their value." (USITC 1976) This act later on underwent a lot of changes as the years passed. This act was important to the aviation industry and before getting your goods they must go through customs. We are all aware of customs and border protection, not our favorite people due to the strict laws they must follow. "The Customs Bureau was renamed the U.S. Customs Service in 1973. U.S. Customs was dissolved in 2003 with the newly created Bureau of Customs and Border Protection assuming many of its former roles and responsibilities to include looking for tariffs." (USCBP 2022)

Different countries have their own tariff laws and different rates. It is common to have same foreign laws internationally but very rare to have same national laws. 

Reference.

Penpoin (2021, September 15) Important Tariff: Purposes, Types, Advantages, and Disadvantages. https://penpoin.com/import-tariff/

U.S Customs and Border Protection.( 2022, January 4) 1789: First Congress Provides for Customs Administration. https://www.cbp.gov/about/history/1789-first-congress-provides-customs-administration

USITC (1976, December) Two Centuries of Tariffs. https://www.usitc.gov/publications/other/pub0000.pdf





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