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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.

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US Sends First Turkey Shipment to India Following Trade Deal
November 29, 2024 |Other U.S.

The National Turkey Federation and Sen. Mark Warner, D-Va., co-chair of the Senate India Caucus, announced this month that the U.S. has begun exporting turkey products to India thanks to a September 2023 trade agreement that called for the South Asian country to reduce tariffs on several food items, including frozen turkey (see 2309080049). The first shipment, which was provided by Virginia turkey farmers, recently left the U.S. from the Port of Virginia, the announcement says.

Mexico Says It Could Retaliate in Response to Trump Tariff Threat
November 27, 2024 |Americas

Hours after President-elect Donald Trump said he would impose a 25% tariff on imports from Canada and Mexico until they take steps to address drugs and migrants crossing the border, Mexican President Claudia Sheinbaum warned that she might retaliate with her own set of trade restrictions.

'Get Ready' for Chinese Retaliation, Consultant Says
November 25, 2024 |Asia Pacific

China has been “consistently” building a set of policy tools it can use to retaliate against the U.S. and other countries in response to trade controls or other restrictions, and companies could soon start seeing China deploy those tools more frequently, said David Hathaway, a consultant on China issues for The Asia Group.

UK, India to Relaunch FTA Talks
November 21, 2024 |Tariffs and Trade Negotiations

The U.K. and India will relaunch talks on a free trade deal in 2025 after failing to reach an agreement in discussions over the last two years (see 2309010034), the U.K. announced this week after a meeting between their two leaders at the Group of 20 summit in Brazil. Business and Trade Secretary Jonathan Reynolds said the U.K. will look to lower Indian tariffs “to help British firms export to this dynamic market.”