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Customs duty

A customs duty is a tariff or tax which a country imposes on goods when they are transported across international borders. Customs Duties are used to protect countries' economies, residents, jobs, and environments, by limiting the flow of imported merchandise, especially restricted and prohibited goods, into the country. The Customs duty rate is a percentage determined by the value of the article purchased in the foreign country and not based on quality, size, or weight. U.S. customs duties are listed in the Harmonized Tariff Schedule of the United States.

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Mexico Softens GMO Ban; Ways and Means Chairman Says Dispute Still Necessary
February 16, 2023 by Mara Lee|Tariffs and Trade Negotiations

The muted response of the agriculture secretary to Mexico's concessions on genetically modified corn was not enough, according to Rep. Jason Smith, R-Mo., chairman of the House Ways and Means Committee. Smith sent a letter Feb. 15 to USDA Secretary Tom Vilsack and U.S. Trade Representative Katherine Tai arguing that it is time to initiate a formal dispute over the non-tariff-barriers.

Topics:U.S. Trade Representative (USTR)
TTC Needs to Bolster 'Trade' Part of Title, Negotiators Say
February 14, 2023 by Mara Lee|Tariffs and Trade Negotiations

The U.S.-EU Trade and Technology Council has done some excellent work in technology, according to EU and U.S. trade officials, but it needs to tackle the "trade" part of its mission more directly. A discussion on Making a More Meaningful TTC also included executives from two technology industry associations, who were somewhat less laudatory about its results so far.

Topics:US Export Controls, U.S. Trade Representative (USTR)
Retaliatory Tariffs Painful, Committee Told
February 7, 2023 by Mara Lee|Congress

In West Virginia, where the first House Ways and Means Committee hearing of the new Congress was held since the Republicans won the majority, the members asked questions of business owners, and were hosted by a mid-sized business that sells hardwood lumber to furniture makers, cabinetmakers and flooring manufacturers.

Topics:US Export Controls
OFAC Sets Russian Petroleum Products Price Cap, Updates Guidance
February 7, 2023 by Ian Cohen|Sanctions

The Office of Foreign Assets Control updated its Russian price cap guidance last week to include information on the recently imposed cap on Russian petroleum products. The measure -- which took effect 12:01 a.m. EST on Feb. 5 -- sets a $45 per barrel cap for petroleum products that trade at a discount to crude, such as naphtha and waste oils, and a $100 per barrel cap on products that trade at a premium to crude, such as motor fuel.

Topics:OFAC Sanctions Activity, Russia Export Controls and Sanctions, US Export Controls, OFAC, SDN List, OFAC General Licenses