Importers must master the complexities of both classification and valutation in order to run their businesses successfully while avoiding costly damages.
Classification is the name for the system of rules an importer must use in order to declare the nature of imported merchandise to U.S. Customs and Border Protection. Quotas and duty rates are applied based on classification.
Valuation is the name for the system of rules an importer must use in order to declare the value of imported merchandise to U.S. Customs and Border Protection. The amount of duty paid is tied directly to valuation.
Basic Principles of Tariff Classification provides an intelligent look at the U.S. Harmonized Tariff (HTSUS) classification and valuation system, with a concentration on accelerating the process while minimizing error. Innovative classification techniques break the system down into a series of basic rules.