CCS Trade Agreements & Valuation

Question 1

Which trade agreement allows for duty-free treatment of goods traded between the U.S., Mexico, and Canada?

Accepted Answer

USMCA

Answer

GATT

Answer

TPP

Answer

WTO Agreement

Question 2

What is the primary method used by U.S. Customs to determine the value of imported goods?

Accepted Answer

Transaction value

Answer

Deductive value

Answer

Computed value

Answer

Fallback method

Question 3

Which agreement allows for preferential duty treatment for goods from certain developing countries?

Accepted Answer

GSP

Answer

NAFTA

Answer

CPTPP

Answer

TTIP

Question 4

Which of the following is NOT an acceptable addition to the transaction value when calculating customs value?

Accepted Answer

Interest charges

Answer

Packing costs

Answer

Buying commissions

Answer

Assists

Question 5

Which document is often required to support a claim for preferential treatment under a trade agreement?

Accepted Answer

Certificate of Origin

Answer

Bill of Lading

Answer

Packing List

Answer

Entry Summary

Question 6

Under valuation rules, what is considered an 'assist'?

Accepted Answer

Assists

Answer

Freight charges

Answer

Warehouse costs

Answer

Bank fees