The Impact of Tariffs on Global Trade: A Look at U.S. Administration Policies

• Donald Trump’s return to the White House as the 47th President of the U.S. will impact global trade
• Tariffs are indirect taxes on imported goods, based on Harmonized System codes
• Each country sets its own duty rates within WTO agreed “bound rates”
• U.S. has over 17,000 tariff code descriptions in the Harmonized Tariff Schedule
• Incorrectly calculating tariffs can have significant economic consequences
• Normal Trade Relations tariffs can only be imposed through legislation by Congress
• Antidumping/Countervailing duties are imposed to prevent unfair trade practices

Source: bdo.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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