Global Logistics and Trade Compliance Flashcards
6 cards from real Supply Chain and Logistics practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Global Logistics and Trade Compliance flashcards as text
What is the purpose of an export license in US trade compliance?
Answer: Government authorization required to export controlled goods, technology, or services to certain destinations or end users
An export license is required for controlled items under the EAR or ITAR when exported to certain countries, entities, or for prohibited end uses.
What is a freight forwarder?
Answer: An agent that arranges international shipments on behalf of exporters and importers, handling documentation and logistics
A freight forwarder acts as an intermediary who books cargo space, prepares export documents, and coordinates international shipments for clients.
What is anti-dumping duty?
Answer: An import tariff imposed to counteract foreign goods sold in a country at below-market prices
Anti-dumping duties are imposed when foreign manufacturers sell goods at prices below their home market price or production cost, harming domestic industry.
What is the USMCA and how does it affect US trade?
Answer: The US-Mexico-Canada Agreement that replaced NAFTA, governing trade rules between the three countries
USMCA (effective 2020) sets rules of origin, labor standards, and intellectual property protections governing duty-free trade among the US, Mexico, and Canada.
What is cargo insurance and why is it important in international shipping?
Answer: Insurance that protects the financial value of goods in transit against loss, damage, or theft
Cargo insurance covers the commercial value of goods against physical loss or damage occurring during international or domestic transport.
What is the Importer Security Filing (ISF) requirement?
Answer: A US CBP requirement for importers to file advance cargo data at least 24 hours before vessel departure for US-bound ocean shipments
ISF (also called '10+2') requires importers to electronically submit 10 data elements to CBP 24 hours before cargo is loaded on a US-bound vessel.