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The Harmonized Tariff Schedule classifies a good based on its name, use, and/or the material used in its construction and assigns it a ten-digit classification code number, and there are over 17,000 unique classification code numbers. Although the U.S. International Trade Commission publishes and maintains the Schedule in its various forms, U.S ...
The United States imposes tariffs (customs duties) on imports of goods. The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source.
1897: Dingley Tariff. 1909: Payne–Aldrich Tariff Act. 1913: Revenue Act of 1913 (Underwood Tariff) 1921: Emergency Tariff of 1921. 1922: Fordney–McCumber Tariff. 1930: Smoot–Hawley Tariff Act. 1934: Reciprocal Tariff Act. 1947: General Agreement on Tariffs and Trade. 1962: Trade Expansion Act.
The Tariff Act of 1789 imposed the first national source of revenue for the newly formed United States. The new U.S. Constitution ratified in 1789, allowed only the federal government to levy uniform tariffs. Only the federal government could set tariff rates (customs), so the old system of separate state rates disappeared.
The U.S. International Trade Commission seeks to: Maintain the Harmonized Tariff Schedule of the United States. In so doing, the Commission serves the public by implementing U.S. law and contributing to the development and implementation of sound and informed U.S. trade policy. The USITC's five operations are:
The tariff average rate on imports of manufactured goods was in 1875 from 40% to 50% in the United States against 9% to 12% in continental Europe at the height of free trade. In 1896, the Republican Party platform pledged to "renew and emphasize our allegiance to the policy of protection, as the bulwark of American industrial independence, and ...
Harmonized System. The Harmonized Commodity Description and Coding System, also known as the Harmonized System ( HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO ...
The Tariff of 1842, or Black Tariff as it became known, was a protectionist tariff schedule adopted in the United States.It reversed the effects of the Compromise Tariff of 1833, which contained a provision that successively lowered the tariff rates from their level under the Tariff of 1832 over a period of ten years until the majority of dutiable goods were to be taxed at 20%.