A tariff is a tax imposed on foreign-made goods, paid by the importing business to its home country’s government. The most common kind of tariffs are ad valorem, which are levied as a fixed percentage of the value of the imports. There are also “specific tariffs,” which are charged as a fixed amount on each imported good and “tariff-rate quotas,” which are tariffs that kick in or rise significantly after a certain amount of imports is reached.
Tariffs can serve several goals. Like all taxes, they provide a modest source of government revenue. Several countries have also used tariffs to help fledgling industries at home, hoping to shelter local firms from foreign competitors. Some tariffs are also meant to address unfair practices that other countries have used to make their exports artificially cheap.
Importers pay tariffs to their home government, but most economists find that the bulk of tariff costs are passed on to consumers. This is particularly true for industries with small profit margins, such as retail.
Expoerts suggesting that companies facing tariffs on imports from China turn to Vietnam and other countries for their products.
Countries with Free Trade Agreement with Canada:
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – Includes Japan, Australia, New Zealand, Vietnam, Malaysia, Singapore, Brunei, Chile, Peru, and Mexico.
Comprehensive Economic and Trade Agreement (CETA) – Free trade with the European Union (EU).
Canada-United Kingdom Trade Continuity Agreement (UKTCA) – A post-Brexit agreement with the UK.
Canada-Chile Free Trade Agreement (CCFTA)
Canada-Colombia Free Trade Agreement
Canada-Costa Rica Free Trade Agreement
Canada-Honduras Free Trade Agreement
Canada-Israel Free Trade Agreement (CIFTA)
Canada-Jordan Free Trade Agreement
Canada-Korea Free Trade Agreement (CKFTA)
Canada-Panama Free Trade Agreement
Canada-Peru Free Trade Agreement
Canada-Ukraine Free Trade Agreement (CUFTA)
1. North America
Canada and Mexico: Under the United States-Mexico-Canada Agreement (USMCA), which replaced NAFTA in 2020.
2. Central and South America
Chile: The U.S. and Chile have a free trade agreement (FTA) in place since 2004.
Colombia: The U.S.-Colombia Trade Promotion Agreement (TPA) was signed in 2006 and came into effect in 2012.
Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic: These countries are part of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR), which came into effect in 2006.
Panama: The U.S.-Panama Trade Promotion Agreement came into effect in 2012.
Peru: The U.S.-Peru Trade Promotion Agreement (TPA) was signed in 2006 and came into effect in 2009.
3. Asia-Pacific
Australia: The U.S.-Australia Free Trade Agreement (AUSFTA) has been in effect since 2005.
Singapore: The U.S.-Singapore Free Trade Agreement has been in place since 2004.
South Korea: The U.S.-Korea Free Trade Agreement (KORUS) came into effect in 2012.
Japan: The U.S.-Japan Trade Agreement was signed in 2019, focusing on goods trade.
4. Middle East
Bahrain: The U.S.-Bahrain Free Trade Agreement came into effect in 2006.
Israel: The U.S.-Israel Free Trade Agreement was the first such agreement the U.S. signed, starting in 1985.
5. Africa
Morocco: The U.S.-Morocco Free Trade Agreement has been in place since 2006.
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