Customs Duty History

About Customs Duty History

Customs duties, or tariffs, are among the oldest forms of taxation. The Venerable Bede recorded customs duties in Anglo Saxon England in the 8th century. Customs duties were charged on imported and exported goods at ports. In medieval England, customs duties on wool, leather, and tin were major sources of royal revenue. The关税, or customs, became increasingly important as international trade grew. In the United States, customs duties were the primary source of federal revenue from 1789 until the income tax was introduced in 1913. The Tariff of 1828, called the Tariff of Abominations by southerners, helped trigger the Nullification Crisis. Free trade movements in the 20th century reduced tariffs dramatically through GATT and WTO agreements. The Trump tariffs of 2018 marked a reversal of the post war free trade consensus.