When importing products into the United States, some commodities are subject to Non-Tariff Barriers, which include quotas, licenses, subsidies and additional duties. These barriers are designed to discourage demand of an imported product, protecting domestic producers from foreign competition.
The Miscellaneous Tariff Bill (MTB) is a bill that could provide importers with the opportunity to save on duties if cases are submitted to the USITC (U.S. International Trade Commission) and approved by Congress. The bill resulted in the USITC establishing a web portal for importers to petition to suspend or reduce duties on products that are either not produced in the United States or produced in insufficient quantities. Below are the top three items our team thinks importers should know.
Customs duties are tariffs or taxes imposed on goods when transported across international borders. The purpose of customs duties and taxes is to control the flow of goods in order to protect each country's economy, residents, jobs and environments. Each product imported into the U.S. has an established duty rate, based on the country of origin and product components.