Sunday, January 4, 2015

Expect it! Higher tariffs on some imports

In a follow-on to the 2013 budget, new tariffs amounting to some $333 million annually will be applied to 72 countries, including such prominent consumer product exporters as Brazil, China, Indonesia, Mexico, Singapore and South Korea.

Those countries had been on a list of less developed countries that were subject to lower tariffs since 1974 but which are now considered "higher-income and trade-competitive."

Less than two per cent of imported goods will be affected, and certain high-profile consumer goods, such as iPods and MP3 players, have been exempted

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