The International Trade Commission (ITC) has issued two notices announcing that, following receipt of requests from the U.S. Trade Representative (USTR), it has instituted investigations regarding the probable economic effects of the proposed U.S.-Andean Countries Free Trade Agreement (FTA) and the proposed U.S.-Panama FTA.
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.