What Small Businesses Should Know About Tariffs
Article from Small Business Administration
Recently the United States Government announced several new tariff increases. The U.S. Department of Commerce implemented tariffs on steel and aluminum imports for national security reasons.
Separately, the U.S. Trade Representative (USTR) announced tariffs to combat unfair trade practices on certain Chinese goods. Additional tariffs on a larger list of goods from China are expected in the future.
Small businesses should become familiar with what imported products are impacted to make informed business decisions as tariffs could increase the total cost of certain imported goods.
What are tariffs?
Tariffs are a taxes, levies, or duties on a particular category of imports. These fees are charged as a percentage of the price of an imported good paid for by a U.S. buyer. These charges are collected by U.S. Custom and Border Protection agents at all U.S. ports of entry.
How can I obtain a tariff waiver on my foreign purchases?
U.S. businesses may request that individual imported products be excluded from the new tariff charges; and U.S. producers may also comment on why certain exclusions should be denied.
The Department of Commerce and the U.S. Trade Representative (USTR) have separate application procedures based on the actions taken by their organizations. Decisions are case by case and require separate individual applications for each item to be imported.
Where can I find out more information?
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