What is a Tariff?
This is a levy imposed by a government on goods and services brought into the country.
What is a tariff?
The first significant piece of legislation ever passed by Congress.
What is the Tariff Act of 1789?
In 2002, President George W. Bush imposed a 30% tariff on this key industrial product, aiming to protect domestic manufacturers but ultimately facing backlash from international trade partners.
What is steel?
This renewable energy tariff, intended to protect domestic manufacturers, has instead cost the U.S. over $10.5 million in lost revenue daily and has slowed the growth of the renewable energy sector.
What are solar tariffs?
The first known use of tariffs.
What is 500 BCE in Ancienct Greece?
While historically a significant source of national income, tariffs today primarily function to protect domestic industries, advance foreign policy goals, and provide negotiating leverage in trade talks.
What are the main purposes of tariffs today?
This Tariff Act raised tariffs on more than 20,000 imported goods during the Depression.
What is the Smoot-Hawley Tariff Act of 1930?
After the Obama administration imposed tariffs on Chinese tires in 2008 to support U.S. manufacturers, importers responded by doing this.
What is buying from other countries - i.e. Canada, South Korea, Japan, Mexico, and Taiwan
For every one job created by a new tariff, this is the estimated number of other jobs that are lost due to higher production costs and reduced economic efficiency.
What is 31 other jobs?
This 1828 tariff was so outrageous that it nearly caused South Carolina to secede from the United States.
What is the Tariff of Abominations?
This branch of the U.S. government initially sets tariffs but has given considerable power over them to the President.
What is Congress?
Tariffs during World War ll destroyed this job sector.
What is manufacturing?
The current Trump Administration applied what type of tariff to a majority of the world's countries in hopes of boosting U.S. manufacturing and protect U.S. jobs?
What is a blanekt tariff, 10%?
In anticipation of rising costs from solar tariffs, companies began doing this to maintain supply and reduce financial impact.
What is stockpiling solar panels?
In the 1800s, the U.S. taxed these imported grooming tools, essentially making beards a luxury.
What are European beard combs?
U.S. tariff policy operates within this global organization's framework and existing trade agreements.
What is the World Trade Organization (WTO)?
In these situations, the President has the authority to regulate all economic transactions, including the creation of tariffs.
What is a national emergency? Fun Fact: There are still 49 declared national emergencies in effect
At the start of the Trump Administration, this percentage of goods entered the United States without paying any import duties.
What is 70%
A world region that has experienced some of the highest tariffs imposed by Trump administration and is responsible for the majority of U.S. solar equipment.
What is Southeast Asia?
This ancient architectural wonder was jokingly used by economists to describe the high tariff walls between the U.S. and China during their trade war.
What is the Great Wall of China?
Congress has seen a significant delegation of its constitutional authority over tariffs shift towards this other branch of the U.S. government.
What is the Executive Branch or the Presidency?
Between 1798 and 1913, this percentage range of federal revenue came from tariffs, making them the primary source of government funding during that era.
What is 50-90%
In response to unfair trade practices, the US significantly increased tariffs on automotive parts of Chinese imports from 34% to how much?
What is an increase from 34% to 145%?
A 100% tariff on Chinese-made EVs was imposed during this U.S. presidential administration.
What is the Biden Administration?
American colonists brewed up this famous protest in response to British tariffs on tea.
What is the Boston Tea Party?