A tariff is a tax on imported goods […] it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the US imposes a tariff on Chinese televisions, the duty is paid to the US Customs and Border Protection Service at the border by a US broker representing a US importer.
Apple warned that the proposed tariff list “covers a wide range of Apple products and the products used in our US operations” and listed items that would be affected.
The iconic motorcycle manufacturer disclosed in an SEC filing Monday that it is moving production of motorcycles for the European market offshore because of the retaliatory tariffs imposed by the European Union after President Trump decided to tax imports of European steel and aluminum.
Brown-Forman earns only half of its revenue from the United States, with Europe accounting for a quarter and Mexico and Canada contributing around 5 percent and 1 percent of net sales, respectively. Shares of the Kentucky-based company were on course for their worst day in nearly seven years, falling 6.5 percent in afternoon trade as the company also warned of gross margin declines due to higher wood, agave and freight costs.
President Trump and his allies in Congress promised that the Tax Cuts and Jobs Act (TCJA) would supercharge the US economy, […]. But the negative economic effects of Trump’s highly restrictive trade and immigration policies threaten to overwhelm any benefit of the tax cuts.