low tariff

Bipartisan lawmakers on Tuesday called for severing more of America’s economic and financial ties with China, including revoking the low tariff rates that the United States granted Beijing after it joined the World Trade Organization more than two decades ago.

After China’s entry into the World Trade Organization in 2001, which locked in low tariff rates, Elrod’s biggest client decided to relocate production there.

The Saturday after Thanksgiving, a cartoon in the Washington Evening Star showed a walrus-mustached man, broad-brimmed hat in hand, offering Coolidge a raccoon labeled, “Low Tariff.”

The United States imported about 1.2 million cars of all brands from Europe last year — five times as many as were sent the other way — and imposed a relatively low tariff of 2.5 percent.

“But what I can say is this: whatever happens the UK will remain an outspoken proponent of open markets and free trade, low tariff barriers and low non-tariff barriers.”