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Talked to my retired Customs/Import/Export friend Posted by MI-Roger [Email]  (#882) [Profile/Gallery]
(more from MI-Roger) on Thu, 2 Aug 2018 18:25:47
In Reply to: Johnstown Flood Tax, Paul from Palmyra, PA, Thu, 2 Aug 2018 16:45:22 Members do not see ads below this line. - Help Keep This Site Online - Signup |
He said there are 32 different categories of products and all automotive parts, except electric motors, have a 2.5% tariff. Electric motors have a single different tariff regardless whether they are a home furnace motor, an automotive starter motor, or a 7000 HP motor for pumping cooling water for a nuclear reactor.
He said the 2.5% amount is set by statute. A president cannot increase this tariff but can superimpose an additional tariff on top of the base tariff. Any superimposed tariff is then subject to World Trade Organization approval, and if the WTO declares a superimposed tariff as being unfair all collected funds must be returned. These funds are returned to the 'importer of record' who paid the tariff. Currently the maximum US tariffs in any of the 32 major categories is 5%-6%, almost without exception, so it is not unreasonable to anticipate the WTO will reject the new total tariff of 27.5% on automotive parts.
Unfortunately, that means the end consumer pays the higher cost while the tariff is in force and the business/'importer of record' receives the subsequent refund. This entity then keeps the returned tariff fees since they have no way of knowing who the end consumers were who paid the inflated tariff funds to them through multiple intermediaries.
Depending upon the wording of the WTO decision the end consumer may have the right to sue for return of improperly collected tariff funds, but who do they sue? What records do you need to keep? How do you prove the price included this tariff?
So then we turned the discussion to automobiles and decided we both need to seek out low mileage excellent condition used cars to buy now, then flip after the 25% tariff of new cars grossly inflates prices in the used car market as well.
->Posting last edited on Fri, 3 Aug 2018 03:18:31.
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
, Thu, 2 Aug 2018 03:04:55
, Thu, 2 Aug 2018 08:15:36
, Thu, 2 Aug 2018 04:52:56, Thu, 2 Aug 2018 18:25:47 <-- Viewing This Message, Thu, 2 Aug 2018 21:54:37, Fri, 3 Aug 2018 03:16:45, Fri, 3 Aug 2018 13:23:18, Fri, 3 Aug 2018 15:10:20, Fri, 3 Aug 2018 15:55:25, Sat, 4 Aug 2018 19:00:31
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