What Small Businesses Should Know About Tariffs
Written by Peter J. Cazamias 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