Cost to U.S. consumers, businesses of Trump's China tariffs surged in June - trade group

Reuters | August 08, 2019

A whopping 74% increase in tariffs since last year added $6 billion in extra costs for U.S. consumers and businesses, a pro-trade group said on Wednesday as it warned additional tariffs threatened by President Donald Trump would further hit demand and hurt jobs. The U.S.-China trade war has intensified this week after Washington branded Beijing a currency manipulator and said it would impose 10% tariffs on the remaining $300 billion in Chinese imports, starting on Sept. 1. Trump on Wednesday repeated his tough stance on China, saying his actions would ultimately benefit the American economy.

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The United States Internal Revenue Service’s (IRS) goal is to promote taxpayer confidence in the integrity of the tax system by ensuring confidentiality of the tax information provided to the federal, state and local agencies. The IRS 1075 publication provides guidance to agencies, agents, contractors and subcontractors on implementing adequate policies,  processes, controls and safeguards to protect Federal tax information (FTI).

The IRS 1075 requirements follow the FedRAMP and NIST 800-53 Rev.5 guidelines. Agencies that receive FTI must ensure that they have adequate programs in place to protect the data received in line with IRS 1075 guidelines. VMware Cloud on AWS GovCloud (US) has been authorized against the FedRAMP High baseline controls and therefore can support agencies in meeting the IRS 1075 requirements. 

Spotlight

The United States Internal Revenue Service’s (IRS) goal is to promote taxpayer confidence in the integrity of the tax system by ensuring confidentiality of the tax information provided to the federal, state and local agencies. The IRS 1075 publication provides guidance to agencies, agents, contractors and subcontractors on implementing adequate policies,  processes, controls and safeguards to protect Federal tax information (FTI).

The IRS 1075 requirements follow the FedRAMP and NIST 800-53 Rev.5 guidelines. Agencies that receive FTI must ensure that they have adequate programs in place to protect the data received in line with IRS 1075 guidelines. VMware Cloud on AWS GovCloud (US) has been authorized against the FedRAMP High baseline controls and therefore can support agencies in meeting the IRS 1075 requirements. 

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