231. Jay Charkow explains the system of international tariffs

Our guest today is Jay Charkow, President of International Tariff Management. For several years I've been wanting to understand the basics around tariffs. In the New York Times or Wall Street Journal, usually all you get is some very broad statement such as "the Administration has imposed a new round of tariffs on goods imported from China." I wanted to ask some basic questions: do Americans pay tariffs on goods imported from any country? Does the tariff vary by country? How much are the tariffs, and how are they calculated? Does the tariff vary by the type of good? What if you import some parts, make a good, and then export it? What if you import a part into Mexico, do some processing in Mexico, and then import the good into the US? Do we have trade deals with every country? If not, which ones do we have a deal with? If we don't have a special deal with the country, how much tariff do we pay? How much tariff do other countries charge when the U.S. exports goods? What are the details behind the Trump trade war with China. In this conversation, Jay answers many of these questions. To learn more about Jay's firm, visit: https://www.tariffmanagement.com/