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Omnibus Trade And Competitiveness Act
The Omnibus Foreign Trade and Competitiveness Act of 1988 is an act passed by the United States Congress and signed into law by President Ronald Reagan. History During the 1970s, the U.S. trade surplus slowly diminished and turned into an increasing deficit. As the deficit increased through the 1980s, some of the blame fell on the tariffs placed on US products by foreign countries, and the lack of similar tariffs on imports into the United States. Workers, unions and industry management all called for government action against countries with an unfair advantage. The Omnibus Foreign Trade and Competitiveness Act started as an amendment proposed by Rep. Dick Gephardt (D-MO) to order the Executive branch to thoroughly examine trade with countries that have large trade surpluses with the United States. If the trade surpluses continued, the offending country would be faced with a bilateral surplus-reduction requirement of 10%. Because of its style of zero-sum game thought, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customs Duties
Customs is an authority or Government agency, agency in a country responsible for collecting tariffs and for controlling International trade, the flow of goods, including animals, transports, personal effects, and hazardous items, into and out of a country. Traditionally, customs has been considered as the fiscal subject that charges customs duties (i.e. tariffs) and other taxes on import and export. In recent decades, the views on the functions of customs have considerably expanded and now covers three basic issues: taxation, National security, security, and trade facilitation. Each country has its own laws and regulations for the import and export of goods into and out of a country, enforced by their respective customs authorities; the import/export of some goods may be restricted or forbidden entirely. A wide range of penalties are faced by those who break these laws. Overview Taxation The traditional function of customs has been the assessment and collection of custo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
