The government sets a quota on imports but then allows imports to enter the country above the quota at a higher tariff. The most recent example of this can be found in the U.S.-UK trade agreement, ...

Fact checked by Yarilet Perez Reviewed by Robert C. Kelly What Are Tariffs? Tariffs are a type of trade barrier that make imported products more expensive than domestic products. Tariffs typically ...

Trump has struck a series of bilateral trade deals in the last few days. With the EU, the US secured $750bn in energy purchases and reduced tariffs on steel via a quota system.

The European Commission says that around $8.7 billion of U.S. agricultural exports will receive “better market access” to Europe through allocation of tariff-rate quotas under a new trade pact.

The U.S.' 50% tariffs on steel and aluminum are expected to stay in the near term, though the U.S. and EU agreed on replacing that tariff with a quota system that the two sides will negotiate.

Japan will import more rice from the United States but within the existing tariff-free quota, Prime Minister Shigeru Ishiba said on Wednesday, stressing Tokyo's success in protecting the ...

For countries without free trade agreements with Canada, the government lowered the tariff-free quota to 50% of 2024 volumes from 100% previously. Above the quota, imports will also face a 50% tariff.

American tariffs on European Union goods were previously in the low single-digits on average. And just a few weeks ago, the bloc hoped to negotiate a 10 percent across-the-board rate.

Carney's reaction comes after President Donald Trump doubled tariffs on Canadian steel and aluminum to 50% on June 3. To address this situation, Carney proposed a new tariff rate quota system.

Finance Minister Francois-Philippe Champagne said a new tariff rate quota has been set at 2.6 million metric tons, which will result in a 50% surtax being added on steel imports above 2024 levels ...

Japan Vows More U.S. Rice Imports Within Tariff-Free Quota After months of negotiations, the two countries struck a deal to lower the so-called “reciprocal tariffs” from a proposed 25% to 15% ...