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Glossary

Tariff & Customs Glossary

A comprehensive reference of tariff, customs, and international trade terminology — defined by our trade experts with practical examples for importers.

Ad Valorem Duty

An ad valorem duty in US customs compliance is a tariff calculated as a percentage of the customs (dutiable) value of im

Antidumping Duty

An antidumping duty is a supplemental customs tariff imposed when the U.S. Department of Commerce finds that imported go

Antidumping duty

An antidumping duty is a special import tariff imposed by a government when an investigation finds that foreign exporter

Automated Commercial Environment

Automated Commercial Environment (ACE) is U.S. Customs and Border Protection’s primary electronic system that serves as

Bonded Warehouse

A bonded warehouse is a secure storage facility authorized by customs where imported goods can be stored without immedia

Broker

Broker (Customs Broker): In US import/customs compliance, a broker is a licensed individual or firm authorized by U.S. C

CBP Form 7501

CBP Form 7501 is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept i

Certificate of Origin

Certificate of Origin is a key trade compliance term relating to US customs and tariff regulations. Understanding this c

Chapter 98

Chapter 98 is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is e

Classification

Classification is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept

Countervailing Duty

Countervailing Duty is a key trade compliance term relating to US customs and tariff regulations. Understanding this con

Country of origin

The country of origin is the country where goods are wholly obtained or, for manufactured items, where they last underwe

Customs Broker

Customs Broker is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept

Customs-Trade Partnership Against Terrorism

Customs-Trade Partnership Against Terrorism is a key trade compliance term relating to US customs and tariff regulations

De Minimis

De Minimis is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is e

Drawback

Drawback is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is ess

Duty

Duty is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is essenti

Duty drawback

Duty drawback is a customs program that allows importers to recover duties, taxes, and fees paid on imported goods that

Entry Summary

Entry Summary is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept i

Exclusion Request

Exclusion Request is a key trade compliance term relating to US customs and tariff regulations. Understanding this conce

Foreign Trade Zone

Foreign Trade Zone is a key trade compliance term relating to US customs and tariff regulations. Understanding this conc

Free trade agreement

A free trade agreement (FTA) is a pact between two or more countries that reduces or eliminates tariffs and other trade

Generalized System of Preferences

Generalized System of Preferences is a key trade compliance term relating to US customs and tariff regulations. Understa

Harmonized Tariff Schedule

The Harmonized Tariff Schedule (HTS) is a standardized list of classification codes and corresponding duty rates used to

Harmonized Tariff Schedule

The Harmonized Tariff Schedule (HTS) is a standardized, numeric classification system used by customs authorities to ide

Importer of Record

Importer of Record is a key trade compliance term relating to US customs and tariff regulations. Understanding this conc

Incoterms

Incoterms is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is es

Landed Cost

Landed Cost is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is

Liquidation

Liquidation is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is

Merchandise Processing Fee

Merchandise Processing Fee is a key trade compliance term relating to US customs and tariff regulations. Understanding t

Most Favored Nation

Most Favored Nation is a key trade compliance term relating to US customs and tariff regulations. Understanding this con

Non-Resident Importer

Non-Resident Importer is a key trade compliance term relating to US customs and tariff regulations. Understanding this c

Origin

Origin is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is essen

Port of Entry

Port of Entry is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept i

Prior Disclosure

Prior Disclosure is a key trade compliance term relating to US customs and tariff regulations. Understanding this concep

Protest

Protest is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is esse

Reasonable Care

Reasonable Care is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept

Reconciliation

Reconciliation is the process of comparing and adjusting previously submitted import declarations against final commerci

Section 201

Section 201 is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is

Section 232

Section 232 is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is

Section 301

Section 301 is a provision of the U.S. Trade Act of 1974 that lets the U.S. Trade Representative investigate foreign tra

Section 301

Section 301 refers to a provision of the U.S. Trade Act of 1974 that authorizes the U.S. Trade Representative to investi

Supply Chain Security

Supply Chain Security is a key trade compliance term relating to US customs and tariff regulations. Understanding this c

Surety Bond

Surety Bond is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is

Tariff Engineering

Tariff Engineering is a key trade compliance term relating to US customs and tariff regulations. Understanding this conc

Tariff Rate Quota

Tariff Rate Quota is a key trade compliance term relating to US customs and tariff regulations. Understanding this conce

Tariff classification

Tariff classification is the process of assigning the correct Harmonized System (HS) code to imported goods to determine

Trade Preference Program

Trade Preference Program is a key trade compliance term relating to US customs and tariff regulations. Understanding thi

Transaction Value

Transaction Value is a key trade compliance term relating to US customs and tariff regulations. Understanding this conce

Valuation

Valuation is the process of determining the customs value of imported goods — the amount on which customs duties, taxes,

Withhold Release Order

Withhold Release Order is a key trade compliance term relating to US customs and tariff regulations. Understanding this

Zero-Rated

Zero-Rated is a key trade compliance term relating to US customs and tariff regulations. Understanding this concept is e

antidumping duty

An antidumping duty is an additional import charge assessed to offset the margin by which a foreign exporter sells goods

bonded warehouse

A bonded warehouse is a customs-approved, secure storage facility where imported goods can be kept without paying import

country of origin

The country of origin is the country where a product is wholly obtained or, for products from multiple countries, the co

duty drawback

Duty drawback is a customs program that allows importers (or exporters and manufacturers) to recover import duties, taxe

free trade agreement

A free trade agreement (FTA) is a treaty between two or more countries that reduces or eliminates customs duties and oth

reconciliation

Reconciliation is the post-entry process of comparing customs declarations, commercial invoices, inventory records and i

tariff classification

Tariff classification is the process of assigning the correct Harmonized System (HS) or national tariff code to an impor

valuation

Valuation is the process customs uses to determine the dutiable value of imported goods so duties, taxes and fees can be

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