{"id":28289,"date":"2026-08-31T09:00:42","date_gmt":"2026-08-31T07:00:42","guid":{"rendered":"https:\/\/my-life.lu\/?p=28289"},"modified":"2026-07-13T09:56:01","modified_gmt":"2026-07-13T07:56:01","slug":"customs-duties-the-impact-on-your-finances-51108","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/customs-duties-the-impact-on-your-finances-51108\/","title":{"rendered":"Customs duties: The impact on your finances"},"content":{"rendered":"<p class=\"entete\">Regularly used by the Trump administration as a means of leverage in trade negotiations, customs duties are frequently a source of tension between major economic powers. Although these taxes apply to international trade, they can also have repercussions for your purchasing power and savings. How do customs duties work and to what extent can they affect your personal finances? myLIFE provides some explanations.*<\/p>\n<h2 id=\"h2_0\" >What is a customs duty?<\/h2>\n<p>A customs duty is used by many countries as a trade or industrial policy instrument. It is a tax applied to goods crossing the border of a territory. It is calculated either as a percentage of the value of the goods (<em>ad valorem<\/em> duty) or applied per unit, weight or quantity (specific duty).<\/p>\n<p>Customs tariffs are set either by a state or through international agreements (as within the European Union). In principle, they are paid by the importer when goods enter the country concerned. More rarely, they may also be applied to exports.<\/p>\n<p>The tax revenues generated are allocated to the state applying them or, in the case of the European Union, are largely transferred to the EU budget.<\/p>\n<p>For example, imagine that a country decides to apply a 20% customs duty on imported computers. A computer worth \u20ac1,000 would be subject to a customs duty of \u20ac200, bringing its import cost to \u20ac1,200 before it even reaches the shop. This increase could then be passed on, in whole or in part, to the consumer, or absorbed by the importer, manufacturer or distributor.<\/p>\n<p><strong>Good to know<\/strong>: within the European Union, there are no customs duties between Member States, except in specific cases. Those States form a single customs territory and apply common tariffs to goods imported from third countries.<\/p>\n<blockquote><p>Customs duties can therefore be used to protect certain strategic industries or to encourage local investment.<\/p><\/blockquote>\n<h2 id=\"h2_1\" >Why do states use customs duties?<\/h2>\n<p>Customs duties are often intended to give domestic production an advantage over foreign competition. However, they can also be used by governments to achieve other objectives, including:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Protecting certain sectors of the local economy<\/strong>. Making imported products more expensive can encourage domestic production, which may help support local businesses and jobs in certain sectors. This may be done to help a sector through a temporary difficult period or to offset a competitive advantage perceived as unfair on the part of operators from third countries benefiting from state aid or enjoying more favourable legislation.<\/li>\n<li><strong>Increasing government revenues<\/strong>. Customs duties can represent a potentially significant source of public revenue.<\/li>\n<li><strong>Rebalancing trade flows<\/strong>. By increasing customs duties, a government may seek to limit imports and potentially reduce its trade deficit**.<\/li>\n<li><strong>Serving as a negotiation or retaliatory tool<\/strong>. They can be used to obtain concessions from foreign trading partners or to respond to practices considered unfair.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Customs duties can therefore be used to protect certain strategic industries or to encourage local investment. However, they may also have indirect effects, both in the country imposing them and abroad.<\/p>\n<p><strong>Good to know<\/strong>: customs duties are governed by the rules of the World Trade Organization (WTO), which establishes a general framework for trade between most countries around the world.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; border-style: solid; border-color: #000000; background-color: #b5b7b7;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><span style=\"text-decoration: underline;\"><strong>Why do people sometimes talk about a trade war?<\/strong><\/span><\/p>\n<p>When a country adopts measures intended to favour its national economy, such as increasing customs duties, introducing quotas or <a href=\"https:\/\/my-life.lu\/en\/better-understanding-the-currency-war-51106\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>devaluing its currency<\/strong><\/span><\/a>, its trading partners may view these practices as harmful to their own interests. They may then respond by introducing similar measures. This succession of retaliatory actions between states is sometime described as a \u201ctrade war\u201d.<\/p>\n<p>A recent example is the trade war between the United States and China, which began in 2018 and intensified in 2025. The two countries imposed significant customs duties on each other\u2019s imports, which continues to affect the global economy today.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote><p>Although customs duties are paid by the importer, the cost may be shared among several parties depending on market conditions.<\/p><\/blockquote>\n<h2 id=\"h2_2\" >Customs duties: international ripple effects<\/h2>\n<p>In a global economy, it is common for a product to be manufactured across several countries. A car assembled in the United States, for example, may use an engine from Germany, electronic components from Japan and seats from Canada.<\/p>\n<p>This is why, even when they are introduced between two countries, customs duties can have repercussions far beyond their borders. As production chains are closely interconnected, the effects are not limited to the states directly concerned but can also impact international trade, businesses and consumers in many countries.<\/p>\n<p><strong>Good to know<\/strong>: in practice, although customs duties are paid by the importer, the cost may be shared among several parties depending on market conditions: the supplier in the exporting country may agree to lower its price, the importer and distributor may reduce their margins, and the consumer may ultimately pay a higher price.<\/p>\n<h2 id=\"h2_3\" >Consequences for purchasing power and employment<\/h2>\n<p>Here are some examples (non-exhaustive) of the possible effects of increased customs duties on individuals\u2019 purchasing power and employment.<\/p>\n<p><strong>In the importing country:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Higher customs tariffs may stimulate domestic production and encourage job creation in certain sectors.<\/li>\n<li>Companies that depend on imported goods may pass some of the additional costs on to customers through higher prices or choose to absorb part of them in order to remain competitive.<\/li>\n<li>To offset these costs, some firms that rely heavily on foreign suppliers may be forced to cut jobs.<\/li>\n<li>Importers may turn to new local suppliers or suppliers in countries not subject to customs duties, which may lead to an increase or decrease in prices.<\/li>\n<li>\u2026<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>In the exporting country:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Part of the unsold production may be redirected to the domestic market, which may result in lower prices for certain goods.<\/li>\n<li>Reduced exports may slow down economic activity in certain sectors and lead to a decline in recruitment or job losses.<\/li>\n<li>Exporting companies may redirect their trade towards new markets, which may increase competition and influence prices in other countries.<\/li>\n<li>\u2026<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>The consequences vary greatly depending on the economic context, the extent to which countries\u2019 markets are open, and the products concerned. They also depend on how long it takes for businesses to adapt: while costs may rise in the short term, companies may, in the longer term, revise their commercial strategies or find new suppliers.<\/p>\n<blockquote><p>Higher customs duties may lead to rising prices across several sectors of the economy.<\/p><\/blockquote>\n<h2 id=\"h2_4\" >Effects on savings and investments<\/h2>\n<p>Higher customs duties may lead to price increases in several sectors of the economy. Over the long term, they may therefore contribute to <a href=\"https:\/\/my-life.lu\/en\/understanding-inflation-when-your-money-is-worth-less-51085\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>inflation<\/strong><\/span><\/a> and gradually reduce consumers\u2019 purchasing power. If inflation rises faster than the return generated by savings products, then <a href=\"https:\/\/my-life.lu\/en\/the-negative-impacts-of-inflation-on-your-savings-52506\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>the real value of savings declines<\/strong><\/span><\/a>.<\/p>\n<p>This evolution in prices may also have an indirect effect on interest rates. If customs duties contribute to inflationary pressures, central banks may be prompted to adjust their <a href=\"https:\/\/my-life.lu\/en\/key-rates-what-are-they-52512\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>key interest rates<\/strong><\/span><\/a>. They also take economic growth trends into account in order to maintain price stability. These rates directly affect returns on savings and borrowing conditions (mortgages and consumer loans).<\/p>\n<p>Finally, customs duties can influence financial markets and investors. They may contribute to reducing the profits of certain companies, slowing international trade and increasing economic uncertainty, which heightens market volatility. This is what happened following the announcement of new taxes by the US administration in 2025. Concerns about growth prospects led many investors to adopt a more cautious approach. Major stock market indices (CAC 40, S&amp;P 500, etc.) then recorded sharp declines over a very short period, affecting the value of financial investments.<\/p>\n<p><strong>Good to know<\/strong>: during periods of significant economic uncertainty, it is very important not to panic. Investors should adopt <a href=\"https:\/\/my-life.lu\/en\/stock-market-crash-how-should-you-react-30164\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>a few good practices to cope with falling markets<\/strong><\/span><\/a>, such as remaining faithful to their investment strategy (objectives and investment horizon), ensuring portfolio diversification and continuing to invest regularly in order to spread the risks.<\/p>\n<p><span style=\"font-size: 14pt;\"><em>Although customs duties primarily relate to international trade, they can have very real consequences for individuals\u2019 finances: purchasing power, employment, savings, borrowing conditions and financial investments. Understanding how they work helps people better assess the effects that certain economic decisions may have on everyday life.<\/em><\/span><\/p>\n<p><span style=\"font-size: 10pt;\">* Content translated from French by the BIL GPT AI tool<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">** A trade deficit occurs when the value of a country\u2019s imports exceeds the value of its exports.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regularly used by the Trump administration as a means of leverage in trade negotiations, customs duties are frequently a source of tension between major economic powers. Although these taxes apply to international trade, they can also have repercussions for your purchasing power and savings. How do customs duties work and to what extent can they &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/my-life.lu\/en\/customs-duties-the-impact-on-your-finances-51108\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Customs duties: The impact on your finances&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":28286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","beyondwords_generate_audio":"1","beyondwords_integration_method":"rest-api","beyondwords_project_id":"44704","beyondwords_content_id":"7f4f8920-6e5c-4755-a62a-2e819e1076e1","beyondwords_preview_token":"97b4c4e5-82d9-4f21-babe-efadad9c1dc0","beyondwords_player_content":"","beyondwords_player_style":"standard","beyondwords_language_code":"en_GB","beyondwords_language_id":"","beyondwords_title_voice_id":"775","beyondwords_body_voice_id":"775","beyondwords_summary_voice_id":"775","beyondwords_error_message":"","beyondwords_disabled":"","beyondwords_delete_content":"","beyondwords_podcast_id":"","beyondwords_hash":"","publish_post_to_speechkit":"","speechkit_hash":"","speechkit_generate_audio":"","speechkit_project_id":"","speechkit_podcast_id":"","speechkit_error_message":"","speechkit_disabled":"","speechkit_access_key":"","speechkit_error":"","speechkit_info":"","speechkit_response":"","speechkit_retries":"","speechkit_status":"","speechkit_updated_at":"","_speechkit_link":"","_speechkit_text":""},"categories":[37,137,188,142],"tags":[400,413,580,596],"class_list":["post-28289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-me-and-my-family-en","category-budgeting-en","category-investment-en","category-savings-en","tag-investment","tag-savings","tag-contacts-en","tag-budget","my_family"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - 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