The legislation also includes Miscellaneous Tariff Bill provisions and provisions to replenish the Wool Trust Fund, which will support jobs in Montana and across America.
Take India, which has tariff laws that make it much easier to import computer components than finished computers, which pressures manufacturers to produce in their country.
But today’s globalised economy, with far-flung supply chains and just-in-time delivery, could be disrupted by policies much less dramatic than the Smoot-Hawley act.
In all, 890 tariffs were increased, compared with the previous tariff Act, of 1922, which had itself raised duties dramatically (for examples, see table); 235 were cut.
All taxes, duties, charges or fees of any nature arising in connection with the performance of this Contract that are imposed on Alcoa in accordance with the tax laws of PRC shall be borne by Alcoa.
All taxes, duties, charges or fees of any nature arising in connection with the performance of this Contract that are imposed on Alcoa in accordance with the tax laws of PRC shall be borne by Alcoa.