US Tariff Policy: Overview
Who makes decisions on global trade?
A tariff is a tax levied on imported goods and services. Historically, tariffs were a major source of revenue for many countries and were often the primary source of federal revenue through the late-19th century. Today, other taxes account for most government revenue in developed countries. Tariffs are now typically used selectively to protect certain domestic industries, advance foreign policy goals or as negotiating leverage in trade negotiations. The U.S. Constitution empowers Congress to set import tariffs, a power that Congress has partially delegated to the president. The United States is also a member of the World Trade Organization (WTO)…
