Customs and Trade Law Weekly Snapshot GalleryCustoms and Trade Law Weekly Snapshot
AD/CVD, China, FDA Issues, HTSUS, Import Alert, International Trade, Iran, Special 301, Trade Policy, U.S. Bureau of Industry and Security (BIS), U.S. Customs and Border Protection (CBP), U.S. Department of Commerce (DOC), U.S. Department of Labor (DOL), U.S. Food and Drug Administration (FDA), U.S. International Trade Commission (USITC), U.S. Office of Foreign Assets Control (OFAC), U.S. Office of the United States Trade Representative (USTR), Vietnam
- Customs and Trade Law Weekly Snapshot Gallery
Customs and Trade Law Weekly Snapshot
China, International Law, International Trade, Mexico, U.S. Bureau of Industry and Security (BIS), U.S. Customs and Border Protection (CBP), U.S. Department of Commerce (DOC), U.S. Food and Drug Administration (FDA), U.S. International Trade Commission (USITC), U.S. Office of Foreign Assets Control (OFAC), U.S. Office of Management and Budget (OMB), U.S. Office of the United States Trade Representative (USTR)
Customs Undervaluation- It’s a Crime
Customs Valuation is a procedure to determine the customs value of imported goods. The customs value is essential to calculate the total duty to be paid on an imported good. As part of its agreement with the World Trade Organization (“WTO”), the U.S. is part of an internationally standardized system of valuing imports. This standardized system allows for CBP to protect revenue, ensure reasonable care from importers, and accurately calculate Census trade statistics. Accordingly, it is critical to declare the value of importations accurately and compliantly.
The U.S. Customs and Border Protection (CBP) valuation methodology (as well as a summary of relevant Customs rulings) are described in detail in the Valuation Encyclopedia (i.e., the best resource on valuation inquiries). CBP permits merchandise to be valued according to one of the six valuation methods listed below. The methods are applied sequentially from first to last until an applicable value is determined. If the first method does not apply, the importer must then evaluate the second, and so on, until an appropriate method applies. The only exception to this sequential evaluation requirement is when evaluating between deductive value and computed value – an importer may choose to use the computed value before the deductive value.
Methods of Valuation:
- The transaction value of imported merchandise (the majority of imports use transaction value – i.e., the price paid or payable plus assists (see below))
- The transaction value of identical merchandise
- The transaction value of similar merchandise
- Deductive value
- Computed […]
- Customs and Trade Law Weekly Snapshot Gallery
Customs and Trade Law Weekly Snapshot
China, International Trade, U.S. Customs and Border Protection (CBP), U.S. Department of Commerce (DOC), U.S. International Trade Commission (USITC), U.S. Office of Foreign Assets Control (OFAC), U.S. Office of the United States Trade Representative (USTR), Vietnam
Customs and Trade Law Weekly Snapshot
Here is a recap of the latest customs and international trade law news: 
Customs and Border Protection (CBP)
- According to Custom and Border Protection’s (CBP) de novo review of the administrative record in the EAPA case 7401, including the timely and properly filed request for administrative review, and response thereto, the September 11 Determination of evasion under 19 U.S.C. § 1517(c) is AFFIRMED.
- According to CBP’s de novo review on remand of the entire administrative record in the EAPA case 7357, including the documents previously omitted from the record and the submissions by Leco Supply and M&B, the October 26 Determination of Evasion under 19 U.S.C. § 1517(c) remains AFFIRMED.
- According to […]