Tariff
A tariff is a tax placed on imported (or exported) goods. The goal is to encourage consumption of domestically produced goods (which do not have the extra cost) and raise revenue. Tariffs are similar to tolls, which have the same kind of effect on the transport of people across borders instead of goods. Tax, tariff and trade rules in modern times are usually set together because of their common impact on industrial policy, investment policy and agricultural policy. A trade bloc generally has no tariffs within its borders but may have very high "tariff barriers" against imported goods or services. There are also non-tariff barriers such as immigration policy.
Famous tariffs and trade legislation in United States History include:
- 1789 - Hamilton tariff
- 1828 - Tariff of Abominations
- 1846 - Walker tariff
- 1861 - Morrill tariff
- 1890 - McKinley tariff
- 1894 - Wilson-Gorman tariff
- 1897 - Dingley tariff
- 1909 - Payne-Aldrich tariff
- 1913 - Underwood tariff
- 1922 - Fordney-McCumber tariff
- 1930 - Hawley-Smoot tariff
- 1934 - Reciprocal Trade Agreements Act
- 1945 - Bretton Woods Agreement PL 79-171
- 1947 - General Agreement on Tariffs and Trade
- 1951 - Reciprocal Trade Agreements Act PL 82-50
- 1955 - Reciprocal Trade Agreements Act Extension PL 84-86
- 1958 - Reciprocal Trade Agreements Act Extension PL 85-686
- 1961 - ratified Organization for Economic Cooperation and Development Treaty
- 1962 - Trade Expansion Act PL 87-794 began the late 20th century process of removing tariffs
- 1974 - Trade Act PL 93-618
- 1979 - Foreign Trade Act PL 96-39
- 1984 - Trade and Tariff Act PL 98-573
- 1988 - Omnibus Foreign Trade and Competitiveness Act PL 100-418
- 1993 - North American Free Trade Agreement (NAFTA) PL 103-182
- 2002 - Free Trade Area of the Americas (FTAA)