With President Trump’s new trade laws that incorporate tariffs to imported goods, business people as well as consumers are worried about the impact on global trade. We take the heat off the topic by highlighting some fun facts about the export and import business in general.
7 Intriguing Things about US Trade
- As per a 2011 economic report, American exportation of goods and services buoyed approximately 9.7 million jobs.
- Insurance companies may view retailers that import goods from foreign countries as manufacturers that require a commercial policy reflecting the classification.
- On July 20, 1969, Apollo 11 made history with the first human operated expedition to the moon. Upon return, Astronaut Neil Armstrong and his colleagues had to declare tariff-exempt moon rock and moon dust samples to customs officials!
- Customs officials can check for smuggled goods inside coffins of the dead at the border.
- Importing switchblades into the United States is illegal – except if the switch blades are being personally brought in by someone without an arm...
- International trade has been around since Biblical times.
- The trade business has a strong foothold in the US, with the Department of Commerce citing $1.2 trillion in goods and $772 billion in goods exported around the world.
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Summary: The import-export business has become a profitable venue for Americans. We bring you a little info about related insurance and other associated facts that you may not have known before in this fun read.