Import & Export Quiz

Antidumping & countervailing duties are additional duties that may be assessed on imported goods intended for sale:

• Globally - at abnormally low prices.

• Within the US – at abnormally low prices

• None of the above – Antidumping is a penalty levied for flooding the importing countries market. Products cannot be sold.

• Antidumping duties are not applicable to imported goods.

Antidumping enforcement is handled by the Department of Commerce, CBP and the:

• Intl Trade Commission (ITC)

• Chamber of Commerce

• World Trade Organization (WTO)

• Antidumping enforcement is not handled by any specific organization.

Duty Drawback in plain terms means:

• An Importer can receive a refund on their duty if they export the products

• The Importer will pay double duty on antidumping goods

• An Importer allows CBP to sell their goods at auction after duty is paid

• Duty Drawback is not applicable to imported goods.

Liquidation is the point at which CBP’s ascertainment of:

• The rate and amount of duty becomes final for most purposes

• Intention to collect duty is sent to a licensed customs house broker

• The import documents at time of filing entry has been approved

• Liquidation is not a relevant process in customs clearance.

Regarding Liquidation for CBP purposes, the date of exportation of the goods is the date used to determine:

• The applicable certified rate of exchange.

• The clearance process prior to shipment arrival

• Whether Antidumping or countervailing will apply to duty

• The date of exportation has no impact on liquidation.

Typically, the customs value of all merchandise exported to the United States will be the:

• Transaction value for the goods

• Value for wholesale goods

• Percentage of goods – less insurance cost

• Customs value is not determined based on any specific criteria.

The Transaction value of imported goods is the price actually paid or payable for the merchandise when sold, PLUS amounts for the following items if they are not included in the price:

• The value of any assist

• Transporting the goods after importation

• The customs duties and other federal taxes

• Transaction value is not calculated based on any specific criteria.

The term ‘identical merchandise’ means merchandise that is:

• Incorporated at a reduced cost to the buyer

• Incorporated or reflects engineering, development & artwork provided free

• Identical in all respects to the merchandise being appraised

• Identical merchandise is not a relevant concept in import and export.

The term ‘similar merchandise’ means merchandise that is:

• Like the merchandise being appraised in characteristics & component materials

• Lower in value and used as the appraised value of the imported merchandise

• Incorporated or reflects engineering, development & artwork provided free

• Similar merchandise is not a relevant concept in import and export.

There are two basic types of Rules of Origin:

• Non-preferential and preferential

• Bilateral or multilateral trade agreements

• Embargos and sanctions

• Rules of Origin are not applicable in import and export.