The United States is now running a deficit of over $100 billion in its foreign trade and the Federal budget is in the red by roughly $200 billion. To deal with these two deficits, Congress is considering a temporary import surcharge. This brief examines the case for and against such a surcharge as well as its use against Japan.
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Description
The United States is now running a deficit of over $100 billion in its foreign trade and the Federal budget is in the red by roughly $200 billion. To deal with these two deficits, Congress is considering a temporary import surcharge. This brief examines the case for and against such a surcharge as well as its use against Japan.
This report is part of the following collection of related materials.
Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.