LEGAL 4900 exam 2
subsidy
-A government payment that supports a business or market -a financial contribution, including any form of income or price support, made by a government that confers a benefit on a specific domestic enterprise or industry examples: grants, not collecting taxes, purchasing goods from firms at a higher price than would be paid
export subsidy
-A government payment to a domestic producer to enable the firm to reduce the price of a good or service to foreign buyers. -made available to domestic firms upon the export of their products or made contingent on export performance. EX: a grant or tax credit to cover the cost of transportation of goods from a manufacturing plant to an ocean port for shipment to a foreign customers
Customs Union
-A group of countries committed to (1) removing all barriers to the free flow of goods and services between each other and (2) the pursuit of a common external trade policy. -a free trade area with a common external tariff
CE mark
-A mark or label indicating the cargo conforms to standards required by the European Union for certain products. -an internationally recognized symbol for quality and product safety for many different types of products. Once the manufacturer receives the mark, it may sell its products throughout the EU without under going inspections in each country
The reciprocal trade agreements of 1934
-Activated the low tariff policies of New Dealers, aimed at both relief, recover, reversed the traditional high protective tariff -created a partnership between the executive and congressional branches of the government in setting tariff and trade policy
US Trade Representative (USTR)
-An agency founded in 1962 to negotiate with foreign governments to create trade agreements, resolve disputes, and participate in global trade policy organizations. Treaties negotiated by the USTR must be ratified by the Senate. -carries on all bilateral and multilateral trade negotiations on behalf of the US, is the principal adviser on trade matters to the president, represents the US at all WTO meetings and coordinates all US trade policies.
supremacy clause
-Constitution is the supreme law of the land -where there is an existing federal law governing some aspect of foreign commerce, a conflicting state statute may be invalid under the supremacy clause
Water's edge election
-In 1986 California instituted this election allowing "multinational" corporate taxpayers the option of excluding the income of related entities that are incorporated in a foreign country or that earn a majority of their income in a foreign country
anti-circumvention
-Prohibit circumventing technological access controls and copy-prevention systems -refers to those laws and penalties intended to discourage circumvention
trade promotion authority
-Special procedures meant to speed up the regular process when Congress considers trade agreements. These special procedures limit debate and prohibit amendments. -gives the president limited and temporary authority to negotiate trade agreements pursuant to the objectives set out by congress. During negotiations the president must consult with congress and notify it of proposed changes to US trade laws that might be needed to implement the agreement
commerce clause
-The clause in the Constitution (Article I, Section 8, Clause 1) that gives Congress the power to regulate all business activities that cross state lines or affect more than one state or other nations. -vest the federal government with exclusive control over foreign commerce
customs broker
-an intermediary that specializes in moving goods through the customs process -an authorized agent, licensed by federal law, to act for and on behalf of importers in making entry of goods. More than 90% of entries are made by customers brokers
dutiable status is determined by 3 factors:
1. classification & numerical coding of the articles-what they are importing 2.customs value of the article-what the value is 3. the country of origin of the article- where it came from
4 different ways of providing international service
1. cross border supply: services supplied from one country to another 2. consumption abroad: consumers or firms making use of a service in another country 3. commercial presence: a foreign company setting up subsidiaries or branches to provide services in another country 4. presence of natural persons: individuals traveling from their own country to try to supply services in another (teachers, consultants)
major principles of WTO
1. multilateral trade negotiations 2. transparency and predictability of trade opportunities 3. reciprocal tariff reductions and bound commitments 4. nondiscrimination and unconditional most favored nations 5. national treatment 6. elimination of quotas and other non tariff barriers 7. consultations and dispute resolutions
Codex Alimentarius
A collection of internationally recognized standards, codes of practice, guidelines, and other recommendations relating to foods, food production, and food safety. -this is a food code for the protection of the world's food supply developed slowly over most of the last century
Dutiable value
Customs value of goods entered into any country - must be reported by the importer-of-record to national customs authorities at time of entry
substitution drawback
Duties paid on imported goods may be received by a U.S. firm that imports goods and then exports other goods of the "same kind and quality "
zero quota
Sometimes used when referring to a complete ban on the import of a product in that it permits zero quantities to be imported.
specific tariff rate
Specified amount per unit of weight or measure
dumping margin
The difference between the market price of a product and its fair market value
non-preferential rules of origin
Those applicable to imports of DEVELOPED countries that will receive normal tariff treatment. For example: trade between the US and England or China
performance standards
US standards are usually based on performance that describe how products should function. Usually more cost effective for a manufacturer to meet foreign performance standards than design standards
trade preferences
WTO agreements permit the granting of trade preferences to developing countries to help further their social and economic developments
least restrictive trade
WTO member countries shall make their restrictions no more onerous than necessary to achieve the goals for which they were imposed
compounded tariff rate
a combination of both ad valorem and specific rate
negative determination
a decision by the agency either to not initiate an investigation or that a material injury does not exist
trade barrier
any impediment to trade in goods or services
import trade barrier
any impediment, direct or indirect, to the entrance or sale of imported g/s existing in the country of importation
absolute quotas
are those that strictly prohibit imports of an item above a predetermined limit, based either on the value or quantity of specific goods or as a percentage of the domestic market
ad valorem tariffs
computed as a percentage of the value
multilateral trade negotiations
conducted by members of GATT and had negotiating rounds to discuss tariffs, all had the same goal of trade liberalization
US dumping investigation
determines whether dumping occurred and the extent of it. They do so by calculating the dumping margin
2 types of prohibited subsidy
export and import subsidy
surrogate market economy country
is at a level of economic development comparable to that of the NME country and that is a significant producer of comparable merchandise
foreign like product
is merchandise produced in the same country and by the same person as the allegedly dumped merchandise, or of the same general class or king of merchandise as that dumped in the US
escape clause
permits a country to temporarily "escape" or be relieved from its tariff concessions under certain conditions. Can take emergency action to safeguard domestic industry if as a result of unforeseen developments, and due to the effect of a tariff concession or obligation under a trade agreement, increased quantities of an imported product are causing serious injury to domestic producers of like or directly competitive products
informal entry
personal and commercial shipments valued at $2,500 or less may be cleared through an informal entry process
US department of homeland security
primary mission is to prevent terrorist attacks on the US, its impact on American business and on the cross border flow of people, money and goods.
commercial invoice
required for all shipments intended for sale or commercial use in the US. Invoice must provide all pertinent information about the shipment and be signed by the seller
Global safeguards
safeguards applicable to WTO member countries must be in the form of global safeguards. Global safeguard measures placed in imports of specific "like" products without discrimination as to their countries of origin. Argentina put a safeguard on footwear except from MERCOSUR countries, a customs union of South American nations, WTO rules that Argentina's safeguards must be applied without discrimination and could not be applied only to non-MERCOSUR countries
principal use
the ordinary use to which articles of the same class and kind as those being imported are usually put and which is greater than any other single use of the article. An article may be classified according to its actual use
Trade remedies under US law
the president may make an adjustment to imports if, in the president's discretion, it will help the domestic industry make a positive adjustment to import competition and if it will provide greater economic and social benefits than costs
normal trade regulations
unconditional MFN was renamed this
provisional safeguards
where critical circumstances exist that could cause irreparable harm to a domestic industry, provisional safeguards, consisting of tariffs only, can be used if clear evidence justifies the safeguards, but must be limited within 200 days
circumvention
-process of going around; the act of bypassing restrictions -any attempt by an exporter or importer to unlawfully or deceptively evade import restrictions or duties, including AD/CVD duties
same-condition drawback
A drawback of duties paid on imported goods that are re-exported in the "same condition" as they were imported, provided they were not significantly altered.
sanitary and phytosanitary measures
a government rule or regulation that protects or enhances food, animal or plant safety or quality, including preventing the spread of pathogens and disease. The WTO agreement on the application of sanitary measure is specifically designed to allow governments to product human, animal and plant life from infestations, contaminants, diseases
Ad valorem tariff rate
based on a percentage of the value of the article imported
WTO agreement on agriculture
began the process of removing government intervention in the farming sector and ending government programs that distort normal market conditions
US Department of Commerce
broad authority over many international trade issues. They foster trade and promote exports of US goods/services, investigate complaints by US firms, administer US unfair import laws, issue export licenses
market disruption
can be caused by an increase in imports of foreign goods that may create decreased sales volumes
WTO Agreement on Safeguards
provides details of the escape clause and sets out the procedural steps for countries imposing a safeguard
Trade-related aspects of intellectual property rights
refers to government rules or regulations on IPRs that have a direct or indirect effect on trade in goods
informed compliance
refers to the "softer" mechanisms designed to place the burden of voluntary compliance on importers
tariffs
tax levied on goods
trade compensation
the act of lowing import duties on certain products coming from a foreign country for the purpose of offsetting increased duties imposed on other products from that country. EX: if the US imposes a safeguard on tariffs on imported bikes and Taiwan supplies large numbers of bikes to the US, then the US should make compensation to Taiwan by reducing tariffs on other Taiwanese imports in an equivalent amount
free trade agreement
usually refers to a trade agreement with broader coverage that establishes a free trade area in which special tariff and customs provisions govern the flow of trade between the participating countries
Privatization
-To change from government or public ownership or control to private ownership or control.
Trade-Related Investment Measures (TRIMs)
-a WTO agreement on a range of operating or performance measures that host-country governments impose on foreign firms to keep them from having a distorting effect on trade in goods and services -a national rule or regulation on foreign investment that has a direct or indirect effect on trade in goods. The agreement does not set broad rules for local investing. It eliminates discrimination against foreign firms and their goods and services to the extent that those restrictions distort or restrict trade
Common Market
-a group of countries that acts as a single market, without trade barriers between member countries - takes the integration one step further: it is a common union that also removes restrictions on the free movement on money, labor and factors of production
contract manufacturing
-a joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service -a business arrangement in which the production of goods is contracted or "outsourced" by one firm to.a manufacturing firm, often overseas
antidumping duty (AD)
-additional tariff placed on an imported product that a nation believes is being dumped on its market -the usual remedy for dumping is for the importing country to place antidumping duties on the dumped products. AD duties are special import tariffs assessed in addition to normal tariffs imposed for the purpose of offsetting the unfairly low price of dumped goods
Required Documentation for customers
-entry/delivery form -US customers entry summary form -Proof of the right to make entry -Commercial invoice obtained from the seller -Packing slips to identify the contents of the cartons
countervailing duties
-government tariffs to offset suspected subsidies provided by foreign governments to their producers -a special tariff, levied in addition to the normal tariff, imposed on imports of subsidized goods for the purpose of offsetting the subsidy. The result is that the cost of imported goods is brought back to where it would have been had the goods not been subsidized -CVD discourages subsidization, eliminates market distortions and the harmful effects of subsidy, and protect domestic industry in the importing country from injury
actionable subsidies
-illegal if the subsidy has an adverse effect on the complaining country -not automatically prohibited, but may still be "actionable" because of their harmful effect. An actionable subsidy is one that causes material injury to domestic producers, violates trade agreements or causes "serious prejudice" to the interests of the complaining country
government procurement
-laws and government rules that favor local products when the government is the buyer -the purchase of g/s by government agencies at all levels. Governments are among the largest business customers in the world. GATT allows government agencies to favor domestic supplies when making purchases. most nations require their government agencies to give a preference to domestically made products
international monetary fund
-monitors the world's economies and assets in the creation of a stable, crisis free, system of international payments between countries -it is the lender of last resort, provides loans to countries that cannot make payments on their debts and that cannot borrow elsewhere
multiple taxation
-occurs when the same service or property is subjected to the same or a similar tax by the governmental authorities of more than one nation -a state's authority to tax a business engaged in foreign commerce is also determined by whether or not the tax imposed results in multiple taxation. This occurs when the same service or property is subjected to the same or a similar tax by the governmental authorities of more than one nation
TRIMS
-prohibits trade balancing requirements-laws that condition a company's right to import foreign goods on the basis of the volume of goods that company exports -prohibit local content requirements-regulations dictating that a foreign company or other producer must use a certain minimum percentage of locally made parts or components in the manufacture of a product.
Unconditional MFN trade
-requires that if a nation negotiates a reduced tariff rate on a certain product imported from one WTO member, that rate of duty automatically becomes applicable to like products imported from any and all other WTO members -requires that if a nation negotiates a reduced tariff rate on a certain product imported from one WTO member, that rate of duty automatically becomes applicable to like products imported from any and all other WTO members
Prohibited Subsidies
-subsidies that require recipients to meet certain export targets, or to use domestic goods instead of imported goods. They are prohibited because they are specifically designed to distort international trade, and are therefore likely to hurt other countries' trade. -are impermissible per se and banned under all conditions. Their harmful effects are presumed, no proof is necessary to show that they cause any adverse effects
specific subsidy
-subsidy available only to a particular enterprise or industry -one given to a select company or limited number of companies, to a select industry or group. -A subsidy is usually specific unless eligibility is automatic upon the meeting of certain neutral, objective criteria
Preferential rules of origin types:
-tariff-shift rule -domestic or regional value content test -ultimate purchaser
balance of payments
-the difference between the flow of money into and out of a country -when a country's outflow of foreign exchange exceeds receipts, a BOP deficit can arise. This can be due to normal inflows and outflows of foreign currencies and is usually never a problem
Ultimate purchaser
-the last person in the US who receives an article in the form in which it was imported
Trade in services
-the providing of services to a customer or the operation of service companies in a foreign country -global communications, travel, tourism, professional services, etc
agreement on agriculture had 3 main objectives
1. cutting domestic subsidies and other direct payments to farmers. Domestic subsidies distort markets by causing overproduction and suppressing prices while protecting the incomes of farmers 2. cutting programs that subsidize exports of farm products. Agricultural export subsidies are payments or other benefits given to farmers that directly encourage, or are conditional upon, the export of food or agricultural products 3. assuring greater market access for imported farm products by converting quotas and other non tariff barriers into tariffs
import subsidy
a government subsidy whose payment is contingent on its recipient using or purchasing domestically made goods over imported goods
Trade preference
a law that grants favorable trade and tariff treatment to products coming from developing countries, and is intended to aid in their economic development
tariff schedule
a listing of specific items, coded numerically and described by name or use
International Organization for Standardization (ISO)
a nongovernmental organization comprising the national standards institutes of 163 countries. ISO standards are voluntary and not legally binding, and the organization has no legal authority to enforce them. However, the standards have been widely accepted worldwide
quotas
a quantitative restriction on imports
Drawbacks
a refund of duties already paidd on imported goods when the goods are reexported or destroyed
presidential proclamation
a statement for declaration of the president, usually addressed to the general public announcing a finding or commemorating an event
domestic or regional value content test
a type of value added test described earlier, Requires that some minimum percentage of the value of materials and direct processing operations be performed in a country in order for it to have "originated" there. EX: the US preference program for Caribbean countries requires that at least 35% of the value of materials be added there in order for the article to enter the US at the lower Caribbean rate
most favored nation trading status
agreeing to accord items imported from that country the most favorable treatment or the lowest tariff rates that it gives to like products imported from other MFN trading nations
market access agreements
agreements that provide exporters of goods and services with market access to foreign countries In the following areas 1. technical barriers to trade, 2. government procurement of g/s, 3. trade in services, including consulting, engineering, trade in agricultural products, 5. trade related investment measure
rejected merchandise drawback
allowed for imported merchandise that was shipped without consent, is defective, or does not conform to specification
GATT
an agreement to help trade flow smoother. Eventually created the WTO
tariff concession
an agreement to reduce a tariff to a specified level -each country's promise to reduce tariffs on imports of given item in return for tariff concessions from other countries. Most concessions are made during major negotiating rounds
market oriented-exporter
an exporting firm in an NME country that is not under government control and that does business on competitive terms
global supply chain
an integrated international network of logistics, communications, finance and trade relationships designed to take a product from inception through production and delivery to customers
trade agreement
an international agreement between nations on matters related to trade and tariffs
executive order
an official legally, binding regulation or written directive issued by the president, usually addressed to government officials, departments or agencies and used to set policy and direct government operations
non tariff barriers
any barrier to trade other than a tariff, that has the effect of prohibiting or discouraging imports. Examples are quotas, special licenses for importing, red tape in customs
Conditional MFN trade
any trade advantage (such as reduced tariff rate) applied to an item imported into a country will also be applied to the same or like items coming from any other country that has MFN status with the importing country, provided that country reciprocates and lowers tariff rates in an equivalent amount in return
composite goods
articles made of different materials or components are considered composite goods. If 2 or more headings each describe only certain materials or components in composite goods, the article must be classified under the heading that describes the material or components that give the article its essential character. it is helpful to determine the classification of assembled products
domestic like product
broadly defined as a product which is like, or...most similar or characteristics and uses with, the article subject to an investigation...relevant factors include tariff classification, physical characteristics and uses, channels of distribution, customer perceptions, and price
prior disclosure
congress has enacted a statute to encourage importers to voluntarily report their own possible violations of the customs law. if an importer admits its a mistake and informs customs of possible violations before learning that it is being investigated, the penalties are limited
safeguards against injury
emergency remedies provided by law, usually tariffs, used to protect a domestic industry from injury resulting from increased imports of a like or competing products
Civil customs fraud
far more serious than negligence. A fraudulent violation exists where there is clear and convincing evidence that the importer knowingly made a materially false statement or omission while entering or attempting to enter goods into the US
US court of international trade
hear cases arising from the trade or tariff laws of the US
World Trade Organization
help trade flow freely, deals with the rules of trade between nations at a global level. Is a negotiating forum, a set of rules and a place to settle disputes
rule of relative specificity
if an article can be classified under 2 or more headings, it must be classified under the one that most specifically-most narrowly- describes the article with the greatest degree of accuracy and certainty. This is common with goods that are made of several materials or components
global quotas
imposed by an importing nation on a particular product regardless of its country of origin
global tariffs
imposed on a particular classification of goods without regard to the country of origin of the goods
material injury
injury that is not inconsequential, immaterial, or unimportant. In determining material injury, the ITC must consider all relevant economic factors including import volume, the effect on prices for like domestic products, and the impact on the domestic industry sales, profits, market share
market oriented industry
is one in which resources and labor costs are procured at free-market prices, where there is little government involvement in controlling production and capacity decisions, where prices are set by markets, and where the producers are mostly privately owned
General Rules of Interpretation (GRIs)
it is the first step in determining the dutiable status of an article. It is found at the beginning of the tariff schedule. Using the rules requires specialized training and experience
technical regulation
law or regulation affecting a product's characteristics-such as its performance, design, construction, chemical composition, materials, packaging, or labeling-that must be met before a product can be imported or sold in a country
Foreign trade zones (FTZs)
legally defined sites-warehouses and manufacturing facilities-operated pursuant to legislation and under government license, that are legally "outside" the customs territory of the country they are in. They are duty-deferral and duty saving device
International trade Commission
maintains a highly trained cadre of professional economists and researchers who conduct investigations and prepare extensive reports on matters related to international economics and trade for congress and the president
American National Standards Institute (ANSI)
maintains an online standards portal that gives firms access to English translations of standards and technical regulations in China, India and Korea
wholly obtained
means that it was wholly the "growth, product or manufacture" of one country
manufacturing drawbacks
most common, designed to encourage US manufacturers to export. A manufacturing drawback is a refund of duties and taxes paid on merchandise that is imported, subject to manufacture and then exported
Conformity assessments
nations are encouraged to enter into mutual recognition agreements, whereby they recognize the certifications or conformity assessments of foreign inspection firms
tariff rate-quota
not really a quota at all, but a tariff rate that increases according to the quantity of goods imported
substantial transformation
occurs when the original article loses its identity as such and is transformed into a new and different article of commerce having a "new name, character, or use" different from that of the original item
specific or flat tariffs
on the basis of a physical unit
auctioned quota
one in which a country sells the quota rights through bidding
allocated quota
one in which the total limit is "allocated" among several specific countries
solo executive international agreement
one negotiated and put into legal effect without congressional approval
nondiscrimination
one of the basic rights of membership in the WTO. it means that every WTO member country must treat the g/s from all other WTO member countries equally and without discrimination. Nations should not play favorites with each other's g/s
design standards
product standards in Japan. Characteristics that govern how a product should be designed
China Compulsory Certification Mark (CCC Mark)
products that meet the quality and safety requirements for certification may receive the CCC mark. China will not accept imports of covered products without the mark. Fines may be imposed for falsification of marks
2 types of subsidies
prohibited subsidies actionable subsidies
enforce compliance
refers to the active investigation of customs violations and the prosecution of violators
formal entry
refers to the administrative process required to import goods into the customs territory of a country. Goods have officially "entered" the US only when the following requirements have been met: -goods have arrived at the port -goods are not of a type that is not permitted -delivery is authorized -estimated duties have been paid
treaty power
refers to the authority of the US to enter treaties pursuant to article 2 of the constitution. US treaties are negotiated by the executive branch with the "advice and consent" of the senate and approved by 2/3rds vote of the senate
transparency
refers to the degree to which a foreign government's import laws or regulations are made readily available to the pu
Dutiable status
refers to the legal status of imported goods at the time of entry for purposes of compliance with the tariff and customs laws
prior approval
regulated products must undergo testing and inspection by an approved laboratory, receive a certification of compliance with technical standards, and then receive prior regulatory approval before sale
indirect non tariff barriers
seem perfectly neutral and nondiscriminatory on their face, their effect is to discriminate against foreign made products or firms
World Bank
source of financial and technical assistance to developing countries around the world. not a bank in the common sense, provides low interest rates on loans, grants funding to developing countries for use on education, health, public administration, infrastructure
direct non tariff barriers
specifically limit imports of goods or services or deny access of foreign firms to local markets
tariff shift rule
states that the country of origin is the last country in which all "inputs" into the finished article underwent a required change in tariff classification
Japan Industrial Standards Mark (JIS Mark)
symbol of an approved product in Japan is the government authorized JIS mark. Its appearance on a product, although voluntary, indicates that the manufacturer as submitted to on-site inspections by the appropriate Japanese ministry and has met standards. Foreign products without the mark are often not competitive in the Japanese market
technical barriers to trade
technical regulations and standards that apply to imported foreign products, even if they also apply to equally to domestic products
less than fair value
the US statute provides that AD duties may be imposed on imported merchandise if that merchandise is sold in the US at less than fair value. A sale at less than fair value is one in which the "export price" of a product sold in the US is less than the "normal value" of a foreign product sold for consumption
Uruguay round
the WTO agreement of Technical barriers to trade was apart of this round. It governs the use of technical regulations, product standards, testing and certifications by WTO member countries. The TBT agreement is binding for all members. The agreement prohibit countries from using their regulations or standards to discriminate against the import of foreign goods.
procurement offsets
the agreement also prohibits a procuring agency from awarding a contract to a foreign firm on the basis of certain conditions. An offset might be a condition that the foreign firm awarded the contract must use local subcontractors, domestically made materials or labor for example
country of origin
the country from which an imported article is said to have originated according to specific rules, known as rules of origin: the legal rules used to determine the country of origin if imported product
liquidation
the final computation and assessment of the applicable duty on entered goods by customers. This "closes the book", making the entry complete
bound rate
the maximum tariff rate a country may charge on an item. Although tariff rates may be reduced below the bound rate
Reciprocal trade
the president was granted the authority to negotiate tariff reductions on a product-by-product basis with other countries -the US would reduce a tariff on a foreign product if the foreign country would reciprocate by lowering its tariffs.
transaction value
the price actually paid or payable for goods when sold for export
export price
the price at which a product is sold to an unaffiliated or unrelated buyer in the US
normal value
the price charged for that product in the exporter's home market
constructed value
the price of the dumped product compared to the cost of producing the product in the exporting country plus a reasonable amount for selling, packaging, administration, and other costs and for a reasonable profit
tariff engineering
the process of modifying or engineering a product prior to importation, or importing it at an earlier stage of manufacturing, for the purposes of obtaining a lower rate of duty
trade liberalization
the process of reducing tariffs and removing artificial barriers and restrictions on trade
tariff bindings
the rates become bound and capped at that rate
dumping
the selling of product in a foreign country for less than the price charged for "like" or comparable products in the exporter's or producer's home market. It is an unfair trade practice in the form of export price discrimination. It causes injury to domestic producers through artificially low prices
non market economy countries (NMEs)
these are countries whose political and economic systems are rooted in the socialist principles of a state-controlled economy. NME countries have declined greatly due to the fall of communist governments and the integration of others into the world economy determining the "normal value" for NMEs countries in AD cases is difficult or impossible. Instead, the ITA looks at the value of the factors of production that would be incurred in the subject merchandise had it been produced in a surrogate market economy country
trade adjustment assistance (TAA)
this is federal financial assistance that workers are eligible for if they become unemployed as a result of increased imports of foreign goods. For workers to be eligible, it must be determined that a significant number or group of workers in a firm have become or are threatened to become, partially or totally separated from their employment, the firm's sales or product have decreased absolutely
preferential rules of origin
those applicable to goods traded within a free trade area or customs union, or that receive preferential tariff treatment under trade preference programs for developing countries
inherent powers
those that are expressly granted to the president in Article 2, which states that "the executive power shall be vested in a president"
US department of treasury
total control of US currency moving in and out of the US
equal dignity rule
treaties are biding for both the federal and state governments with the same force as an act of congress. Both statues and treaties are of equal importance
presidential memorandum
usually less formal than an executive order and often states in its text that it does not create enforceable legal rights. Often used to give guidance or delegate routine presidential functions to lower governmental officials
product standard
usually used when referring to a voluntary guideline for product characteristics established by a recognized private or industry organization or association
Federal preemption
when a law or regulation of the federal government directly conflicts with those of the state government, the federal law shall prevail or when that intention may be inferred from the legislation of from the circumstances
notice of adjustment
when customs at the port of entry determines that additional duties are owed, a notice of adjustment is sent to the importer, the importer must respond to the notice, or the duty will be assessed as corrected
