FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 5: International National Trade Regulation

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 41

True/False

Review LaterAdd Note

Review Later

In 2000, the WTO Dispute Settlement Body held that the unilateral nature of Section 301 of the Trade Act of 1974 violated the WTO Dispute Settlement Understanding.

Correct Answer

verified

Show Answer

Question 42

Multiple Choice

Review LaterAdd Note

Review Later

The process of pursuing a claim of dumping or illegal subsidies under the USMCA dispute resolution process includes:

A) Investigation by Investigating Authority
B) Determination by Binational Review Panel
C) Appeal to Extraordinary Challenge Committee
D) All of the Above
E) A. & C. Only

Correct Answer

verified

Show Answer

Question 43

Multiple Choice

Review LaterAdd Note

The __________ alerts foreign buyers of goods and documents that diversion contrary to U.S. law is prohibited

What are the three fundamental factors used by countries to determine the customs duties to be paid for importing goods? How are these three variables applied in U.S. import law for assessing tariffs?

Because a country of origin determination may vary under different statutes, it is possible for the same good to be considered from Country A for purposes of marking and from Country B for purposes of assessing a duty.

A substantial transformation of a good always results in a change in its tariff classification.

The Agreement on Pre-Shipment Inspection gives an importing country the right to pre-inspect goods for quality, quantity, and value when:

The HTS utilized in the United States is taken from an international classification scheme administered by the World Customs Organization (WCO).

An "absolute quota" allows some goods of a certain type to be imported up to a fixed amount; above that amount of goods a higher tariff rate on subsequent imports.

The requirement of reciprocity allows a country to deny access to a foreign company to a sector of its domestic economy when such access is being denied to American companies by the country of the foreign company.

A drawback is a refund of tariff duties paid for goods imported but are then later transferred into a Free Trade Zone.

The legal responsibility for classifying and valuing imported goods falls to the custom broker.

What are the underlying principles of USMCA? Explain.

Countries within a free trade area such as USMCA or the EU are provided an exception to the most favored nation principle and may reduce barriers among themselves without having to grant lower barriers to other WTO members.

USMCA goods entitled to the lower USMCA tariff rates must be qualified or regional goods

Most foreign investment disputes are heard at the Center for International Bilateral Investment Disputes (CIBID).

Foreign Trade Zones allow U.S. manufacturers to export goods without being subject to duties.

The three foundational principles of GATT are:

How do the General Rules of Interpretation provide guidance to an importer and the Customs Service when there is more than one possible tariff selection?

All of the following are fundamental factors used by countries to determine the customs duties to be paid for importing goods except: