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.
U.S. Customs and Border Protection (CBP) has posted to its Web site notice that the global refined and specialty sugar "low duty" tariff rate quota (TRQ), which normally would open on October 1, 2005 for fiscal year (FY) 2006, will instead open early, on September 8, 2005, at 1:00 pm E.D.T. or its equivalent in other time zones, on a first come, first served basis.
U.S. Customs and Border Protection (CBP) has posted to its Web site a trade update regarding Hurricane Katrina, highlights of which are provided below:
The Office of the U.S. Trade Representative (USTR) has issued a press release announcing that the U.S. is lifting the 100% retaliatory duty rates that have been imposed since 2002 on imports of certain fuel oils, fertilizers, pigments, footwear, diamonds, etc. from the Ukraine.
The publication Seaports Industry Update has issued an initial assessment of port conditions in New Orleans, dated August 31, 2005, after the impact of Hurricane Katrina. The initial assessment lists specific wharfs and facilities, with a note from the President and CEO of the Port of New Orleans stating that "The outcome is not good, and it has been aggravated by unexpected flooding following the storm. Yesterday I thought the damage could have been worse, but today I'm not so sure." Seaport Industry Update, dated 08/31/05, available by fax by emailing documents@brokerpower.com )
The International Trade Commission (ITC) is soliciting proposals from interested parties and agencies by October 14, 2005 to amend the international Harmonized Commodity Description and Coding System (Harmonized System, HS), including the rules of interpretation, section and chapter notes and the texts of the headings and subheadings, with a view to keeping the HS current with changes in technology and trade patterns.
On August 2, 2005 President Bush signed H.R. 3045, the "Dominican Republic-Central America-U.S. Free Trade Agreement (DR-CAFTA) Implementation Act" (Act) into law (Public Law (P.L.) 109-53).
U.S. Customs and Border Protection (CBP) has posted to its Web site a reminder on the August 30, 2005 opening of the fifth global specialty sugar tariff rate quota (TRQ) for the October 1, 2004 through September 30, 2005 period.
The Journal of Commerce Online reports that on August 18, 2005, Mexico will impose retaliatory tariffs of $20.9 million on U.S. exports to Mexico of certain dairy products (including baby formula), wine, candy, and chewing gum. The article states that Mexico's action follows that of Japan, the European Union and Canada, which have imposed duties on the U.S. this year because of the Byrd Amendment. (JoC, dated 08/18/05, www.joc.com )
On August 2, 2005 President Bush signed H.R. 3045, the "Dominican Republic-Central America-U.S. Free Trade Agreement (DR-CAFTA) Implementation Act" (Act) into law (Public Law (P.L.) 109-53).