CBP’s Role in Importation
The United States of America has an increasing level of imports due to changes in consumer preferences. The statistics by Customs and Border Protection (CBP) indicate a worrying trend as the labor market is adversely affected by import restrictions. Therefore, the data can be used to identify key roles of the CBP and the dependency ratio of America on imports.
The U.S operates on a deficit as its imports are higher than its exports. In 2019, the country exported $2.5 trillion, and imported $3.1 trillion (Amadeo, par 1). The trade deficit has increased the dependency level of America on foreign goods, while reducing the employment level for its citizens. As such, the CBP with permission from the exporting and importing communities manages the American economic security. The institution is mandated to detect high-risk industries, prevent and disrupt fraudulent behaviors among traders (U.S. Customs and Border Protection par.1). Such regulations promote free and fair competition within the domestic market.
The CBP also monitors the effects of tariffs on the importation trend of the U.S., and advises the respective stakeholders on the best cause of action to take so as to counter the adverse effects of restrictions of foreign trade. For instance, President Trump enacted a 25% tariff on imported steel from China on 6th July 2018, but the CBP statistics indicate a declining rate in the number of employment opportunities in steel-dependent industries (Amadeo par 13). The overall effect of the increase trade restriction is loss of jobs, and reduction in the economic growth of the U.S. Thus, the data on the CBP’s website will help me to understand how an importation restriction affects the economy at large.
The role of the CBP is essential in protecting U.S.’s economic performance by monitoring changes in importation and exportation levels due to changes in trade restrictions. While the data presented on CBP’s website is varied, most of the data will enable me to understand the dependence of America on imports, the net effect of a new trade law on imports, as well as, changes in consumers’ tastes and preferences based on the imports from other countries.
Amadeo, Kimberly. “U.S imports and exports with components and statistics.” The Balance. 09 July 2020. https://www.thebalance.com./u.s-imports-and-exports-with-components-and-statistics-3306270 Accessed 11 October 2020
Amadeo, Kimberly. “U.S. trade deficit with China and why it’s so high?” The Balance. 12 October 2020. https://www.thebalance.com/u.s-trade-deficit-with-china-causes-effects-and-solutions-3306277 Accessed 12 October 2020
U.S Customs and Border Protection. “Basic importing and exporting.” Department of Homeland Security. February 23, 2016. https://www.cbp.gov/trade/basic-import-export#wcm-survey-target-id Accessed 11 October 2020