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In 1971, for example, Richard Nixon imposed a temporary import surcharge on all imports; it led to an agreement four months later to lower the dollar's value.
No provision of the global rules covered this situation, and the import surcharge was manifestly illegal under General Agreement on Tariffs and Trade (GATT) rules.
Nixon imposed a 10 per cent import surcharge in response to the US trade deficit, and predicted that, "It will have huge consequences for the global trading order." The Wall Street Journal wrote that Trump's tariffs were the "biggest policy blunder of his Presidency" -- a remarkable claim in light of the administration's missteps over Russia, the FBI, North Korea, immigration, taxation, white nationalism, and much else.
Members of trade unions hold a protest against US President Donal Trump's import surcharge on Brazilian steel and in defence of their employment, outside the US consulate in Sao Paulo, Brazil, yesterday.
The European Commission takes note of the announcement by the President of the United States of the imposition of restrictions in the form of an import surcharge on EU exports to the US of steel and aluminium.
Yesterday, the European Commission took note of the announcement by the President of the United States of the imposition of restrictions in the form of an import surcharge on EU exports to the US of steel and aluminium.
There has been a lot of discussion recently about the effects of Brexit on farming so to help our farmers all imported items that can be grown in the country should carry a 100 per cent import surcharge, those items not capable of being grown in this country a 50 per cent charge (you want to eat trendy avocado then you should pay for it), unless from a Commonwealth country when it would be 25 per cent.
In 1971, President Nixon imposed a temporary import surcharge to help negotiate devaluation of the overvalued dollar, a step partly taken under pressure from Congress.
Let me remind you that imports showed a strong rebound due to the lifting of the additional import surcharge and the entry into force of the economic part of the EU- Ukraine Association Agreement.
Bergsten has worked out a clever but strained rationale for how his import surcharge defends free trade: China and the others, he says, are manipulating their currencies to gain trading advantage.
And the import surcharge introduced by Slovakia in 1999 was phased out by January 2001, in accordance with the envisaged timetable, which should help bilateral trade.On the
That as-yet-unnamed vehicle is expected to replace the pricey and Japan-made Toyota 4-Runner, which suffers on the sales floor thanks to a 25-percent import surcharge because it is made in Japan.