Tariffs

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spot
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Tariffs

Post by spot »

We ought to have a thread for it.

The proposed American-imposed tariffs on goods imported into the US work, as best I understand matters, by obliging the person or company importing something across the US border to pay the tariff as an import tax.

The UK does it this way and has for as long as I can remember. I recall importing a carpet from India a long time ago and having it held at Tilbury until I paid the duty, at which point it was released for delivery.

Oddly, buying into the UK from America with eBay required eBay to collect VAT (the Value Added Tax paid on many goods at the time of purchase within the UK itself) prior to despatch. That isn't a tariff, it's the VAT imposed at the border crossing. I only mention it to distinguish it from tariffs which are different.

As and when I notice a tariff rate being imposed or changed I'll note it here. I think https://hts.usitc.gov/ is the relevant bible in this regard - "The Harmonized Tariff Schedule of the United States (HTS) sets out the tariff rates and statistical categories for all merchandise imported into the United States".

The help system shows what the three "rate" columns mean:
The final three columns appear together under a superior column titled “Rates of Duty.” Rates of duty for the subheadings are in column 1-general, column 1-special, and column 2.

Column 1- general identifies the rates for countries that have trade agreements, generally under the World Trade Organization, or are entitled to most favored nation treatment, known in the United States as normal trade relations (NTR) status. Almost all countries of the world are eligible to receive these duty rates.

Countries being given column 1-special duty rates must all be eligible for general or NTR duty rates. Column 1- special identifies lower-than-general or duty-free rates for products under free trade agreements (such as USMCA), preference programs (such as GSP), or statutes. Beside the special rate is a list of all programs eligible for that rate when the items meet particular criteria listed in general notes and when the importer claims it for each shipment. When an importer fails to claim a special duty rate, or where no special rate of duty is provided for a subheading, the rate of duty in column 1- general applies.

Rates of duty in column 2 apply to products of countries listed in HTS general note 3(b)—at the time this document was posted these countries are: Belarus, Cuba, North Korea, and Russia.

https://www.usitc.gov/harmonized_tariff ... _questions
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Re: Tariffs

Post by spot »

First up, the US president has repeated his threat to impose tariffs on imports from Canada and Mexico, saying they will be introduced on Saturday.

Speaking to reporters in the Oval Office, he said the tariffs would begin at 25% and “may or may not rise with time”.

https://www.theguardian.com/us-news/liv ... co-tariffs
It will be interesting to see if it's a blanket tariff or targeted at just a few categories.

That's tomorrow. He's been in office for ten days.
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Re: Tariffs

Post by spot »

And they're off...

Canada and Mexico hit back after Trump signs order for punishing tariffs

Justin Trudeau, Canada’s prime minister, announces tit-for-tat 25% tariffs and warns of impeded access to ‘vital goods critical to US security’

Addressing Americans, Trudeau said: “Tariffs against Canada will put your jobs at risk, potentially shutting down American auto assembly plants and other manufacturing facilities. They will raise costs for you including food at the grocery store and gas at the pump. They will impede your access to an affordable supply of vital goods crucial for US security such as nickel, potash, uranium, steel and aluminum.”

Trudeau added: “They will violate the free trade agreement that the president and I along with our Mexican partner negotiated and signed a few years ago” – referring to the United States Mexico Canada agreement (USMCA) that was drawn up largely at Trump’s behest after he tore up the previous North America free trade agreement (Nafta) during his first term as US president.

To begin with, from Tuesday Canada will levy 25% tariffs on C$30bn worth of US goods coming into Canada. The tariffs will then be added to C$125bn of US imports in three weeks.

https://www.theguardian.com/us-news/202 ... xico-china

I'm not sure what "C$125bn of US imports" means - is it daily? Monthly? Annually?
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Re: Tariffs

Post by Bryn Mawr »

Well done Canada.

Annually, always Annually.
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Re: Tariffs

Post by spot »

One outcome already: "tariff" has become a verb.

"Doug Ford
@fordnation
President Trump’s decision to tariff Canada is extremely disappointing and will hurt millions of workers on both sides of the border. "
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Re: Tariffs

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On the EU, President Trump says: "We have over $300bn deficit. They don’t take our cars, they don’t take our farm products, they take almost nothing, and we take everything from them - millions of cars, tremendous amounts of food and farm products.".

I didn't know America still manufactured cars. Well, Fords, obviously, but surely there are Ford cars on Europe's roads made in Dagenham. Not many, and laughably outdated, but they do exist. I saw one Cadillac in the last couple of years. I've never seen a Dodge or a Deere. I thought US cars went the way of the dinosaurs, that's why America's roads are full of Mercs, VWs, Peugots, Toyotas, BMWs, MGs, Volvos, Audis, Jaguars and Chinese Teslas. Fewer than a third of US cars on the road are US brands (28%, Chevrolet, Ford and Dodge, https://www.statista.com/forecasts/9972 ... -in-the-us ). And no, Jeep is a Fiat subsidiary. Fiat, Crysler and Dodge are owned by Stellantis in the Netherlands. The US-owned companies are Ford, Fisker*, GM and Tesla.

One of the potential dangers of reciprocal tariffs is the US exports more finished products but imports more raw materials and components than other countries engaged in mutual trade. That may be a mistaken view, I'm not sure where I'd check. But if it's so, disruption would be more significant in America than elsewhere.

As for farm products, if what America wants to sell across the Atlantic conforms to the importing nation's food standards it would be welcome. But if it's month-old bird corpses disinfected with toilet bleach, it's not going to happen. If it reached a shop in Europe nobody would buy it, which explains US pressure not to label country of origin for these potential food imports along with flagged GM content. We had enough to cope with when string cheese and Kraft Slices arrived. I'll not mention BSE which continues to appear in the US even though inspections prior to entering the food chain have dropped to unsafe levels.

Starmer, personally, is going to have to face up to his responsibilities and refuse to allow US pharma access to UK NHS data, US medical insurance practices, US ownership of British GP chains and hospitals, and US pharmacies flooding the UK with overpriced medication. Which, if he does his job, means we'll have the same 25% arm-twisting phase which the rest of the trading partners are getting. Protecting Britain's universal health care is worth fighting for, he should spend a couple of hours watching Michael Moore's "Sicko" on his flight to Washington.


* eta: My apologies - "Fisker, Inc. filed for bankruptcy in 2024, shortly after debuting the all-electric Fisker Ocean SUV. The Ocean EV earned one of the lowest Overall Scores that Consumer Reports has ever recorded. Considering how few vehicles were built, the lack of factory support, and the difficulty of obtaining parts and service, we would strongly caution against purchasing a used Fisker" - https://www.consumerreports.org/cars/fisker/ in a review more scathing than the Trabant or Ford's Edsel.

And whatever Hyundai, Kia, Subaru, Honda, Nissan, Mitsubishi or Suzuki are, Americans buy those as well.
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Re: Tariffs

Post by Bryn Mawr »

You forgot saturating their beef with growth hormones which is why we banned that.

Couldn't agree more about keeping US Pharma companies out of the NHS supply chain - include allowing US style health insurance companies into the UK health system as well.
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Re: Tariffs

Post by spot »

US Postal Service suspends parcels coming in from China and Hong Kong - Wed 5 Feb 2025 10.10 GMT

The US Postal Service has suspended incoming parcels from China and Hong Kong until further notice, prompting accusations of “unreasonable suppression” from Beijing, in the latest escalation of a growing trade war between the US and China.

The suspension came as Donald Trump said he was not in a hurry to speak to his Chinese counterpart, Xi Jinping, despite expectations that they would hold talks after announcing tit-for-tat tariffs.

The postal service did not say why it was suspending incoming parcels, but among Trump’s measures against China are a broad-based tariff on imports, and the elimination of the de minimis duty-free exemption for low-value packages.

The suspension – which took effect immediately – appears likely to be related to the latter, and is expected to have an impact on US consumer orders from retailers including Amazon. In 2023, a US government report said 30% of small packages coming into the US were from two Chinese e-commerce companies, Shein and Temu, alone. The USPS declined to answer further questions.

https://www.theguardian.com/us-news/202 ... ry-tariffs

Say what one might in criticism of President Trump's policies, but he certainly has his hands on the levers of state.
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Re: Tariffs

Post by Bryn Mawr »

spot wrote: Wed Feb 05, 2025 5:40 am

Say what one might in criticism of President Trump's policies, but he certainly has his hands on the levers of state.
But not his eyes on international treaties.
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Re: Tariffs

Post by spot »

Bryn Mawr wrote: Wed Feb 05, 2025 8:44 am
spot wrote: Wed Feb 05, 2025 5:40 am

Say what one might in criticism of President Trump's policies, but he certainly has his hands on the levers of state.
But not his eyes on international treaties.
What the man likes is attention. He has sought attention. We attend.
Nullius in verba ... ☎||||||||||| ... To Fate I sue, of other means bereft, the only refuge for the wretched left.
Angry women will change the world: 4B is the only legal way forward
When flower power came along I stood for Human Rights, marched around for peace and freedom, had some nooky every night - we took it serious.
Who has a spare two minutes to play in this month's FG Trivia game! ... My other OS is Slackware.
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