All too often, people think a product is either “Made in USA” or made somewhere else. Yet American manufacturers use imported components to reduce costs or gain access to materials not available in the United States. Similarly, imports often contain American content previously exported and assembled abroad. As a result...
Continue readingWhen imports enter the United States, they often face tariffs – taxes – collected by the U.S. government. Some of these tariffs are pretty high: 13.5% for inexpensive silver jewelry, 12.5% for flashlights, and 10.0% for coffee mugs. Everyday food products are often worse: 17.9% for nuts and seeds, 15.0% for Parmesan cheese, ...
Continue readingThe Generalized System of Preferences (GSP) is a U.S. trade program that eliminates the tariffs (i.e., taxes) paid by American companies when they import certain products from about 130 developing countries around the world. GSP was created in the 1970s as part of an international effort to promote development through “trade, not aid.&r...
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