Rules Of Origin Revamp May Be Next Big Trade Development
Lurking within this year's tariff drama is a somewhat obscure issue that may yet prove to be a bombshell. That issue is how the Trump administration plans to address the rules of origin that play a critical role in determining what tariff applies to any given import.
Broadly speaking, the tariff that is imposed on a good when it is imported into the U.S. is a function of the good's classification in the Harmonized Tariff Schedule of the United States, or HTSUS, its valuation and its origin.
For example, if I determine that a car is appropriately classified under the HTSUS code for a motor vehicle principally designed for the transport of persons, that its value is $30,000 and that it is a product of Germany, I can consult the HTSUS and ascertain the applicable tariff on its importation into the U.S.
Learn more from Ted Posner in this recent article published by Law360.
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