Which trade agreement allows for duty-free treatment of goods traded between the U.S., Mexico, and Canada?
The United States-Mexico-Canada Agreement (USMCA) replaced NAFTA and allows for duty-free treatment on qualifying goods among the three countries.
What is the primary method used by U.S. Customs to determine the value of imported goods?
Transaction value, which is the price paid or payable for the merchandise, is the preferred method of customs valuation.
Which agreement allows for preferential duty treatment for goods from certain developing countries?
The Generalized System of Preferences (GSP) is a U.S. trade program that provides preferential duty-free entry for products from designated beneficiary developing countries.
Which of the following is NOT an acceptable addition to the transaction value when calculating customs value?
Interest charges are not added to the transaction value as long as they are stated separately and do not influence the value of the goods.
Which document is often required to support a claim for preferential treatment under a trade agreement?
A certificate of origin provides evidence that the goods meet the rules of origin under a specific trade agreement, which qualifies them for preferential treatment.
Under valuation rules, what is considered an 'assist'?
Assists refer to goods or services provided by the buyer to the seller for use in the production of the imported merchandise, such as tools, molds, or components.