Stephanie Duong

The Smoot-Hawley Tariff Act of 1930 raised U.S. import duties with the goal of protecting American farmers and other industries from foreign competition. The act is now widely blamed for worsening the severity of the Great Depression in the U.S. and around the world.

Formally called the United States Tariff Act of 1930, the law is commonly referred to as the Smoot-Hawley Tariff or the Hawley-Smoot Tariff. It was sponsored by Sen.

Reed Owen Smoot (R-Utah) and Rep. Willis Chatman Hawley (R-Ore.).

The Smoot-Hawley Act was created to protect U.S. farmers and other industries from foreign competitors.

The Smoot-Hawley Act increased tariffs on foreign imports to the U.S. by about 20%.

At least 25 countries responded by increasing their own tariffs on American goods.

Global trade plummeted, contributing to the ill effects of the Great Depression.

Prior to signing the Act, more than 1000 economists urged President Hoover to veto it.

Hoover's successor, President Franklin D. Roosevelt worked to reduce tariffs and was given more authority to negotiate with heads of state under the Reciprocal Trade Agreements Act of 1934.

Dedicated Freight Corridor (DFC):

It is a high speed and high capacity railway corridor that is exclusively meant for the transportation of freight, or in other words, goods and commodities. DFC involves the seamless integration of better infrastructure and state of the art technology.

That’s a good question. First and foremost, you must understand that ROO is not branding, but rather a declaration of country of origin.

Trade pacts, quotas, tax brackets, and restrictions are all negotiated and implemented on a country-by-country basis.

You may, however, in addition to declaring "Made in India," mention that this comes from Delhi, a region of India where pollution contributes to the unique flavor of the pickle, and so on. I suggest you to download this article EXIMA’s Library | What You Need to Know About the Rules of Origin, which explains the ROO from every angle.

Yes but you need to have a European Economic Operator Registration and Identification (EORI) number. In addition, if you don’t have an EU established ‘indirect representative’, you need to have a permanent business establishment somewhere in the EU, for example, a subsidiary or in some cases a branch of your UK business.

Although the definition of ‘permanent business establishment’ for customs duty is different to the corporation tax definition of ‘permanent establishment’, clearly, having a local branch or company will bring many practical, administrative and tax issues (VAT, business taxes, payroll taxes etc.) to the fore. Therefore, using a freight forwarded or local agent will be a more practical solution in the short term.

The scope of the AWEG (Austrian Medicinal Products Importation Act) is controlled by way of the customs tariff nomenclature. For goods imported from third countries, this control mechanism relies on the competence of customs authorities, who, upon import of the goods, have to release these good into free circulation within the Community.

A prerequisite for the release of goods is that they have been correctly classified in accordance with the customs tariff nomenclature and that they are accompanied by an import certificate or certificate of marketability issued by BASG (Federal Office for Safety in Health Care).

Questions regarding the classification of goods in accordance with the Community customs tariff should be addressed to the Federal Ministry of Finance (Central Customs Tariff Information Centre, Zentrale Zollauskunftsstelle), who will provide a binding answer. BASG cannot provide any information on the classification of goods in accordance with the Community customs tariff on the grounds of lack of competence. In cases of doubt, please refer to the customs authorities. Do not apply for an import license or certificate of marketability with BASG before all of your tariff questions have been answered.