Which of the following agencies is responsible for enforcing U.S. Customs regulations?
CBP is the primary federal agency responsible for enforcing customs laws and regulations at U.S. ports of entry, including the enforcement of import and export requirements, tariffs, and trade laws.
Which of the following best describes the Harmonized Tariff Schedule (HTS)?
The HTS is a standardized system used internationally to classify goods being imported or exported. It assigns a numerical code to each product, which determines the tariff rates and helps ensure compliance with trade laws.
Under the Trade Act of 2002, which of the following is required for all importers to submit to U.S. Customs?
Importers must file a customs bond to ensure that they will comply with all applicable U.S. laws and regulations regarding imports, including duties, taxes, and penalties.
Which of the following is true about the Customs Modernization Act (Mod Act) of 1993?
The Mod Act of 1993 introduced the concept of "informed compliance," meaning importers are responsible for ensuring their goods are classified correctly under U.S. law, shifting the burden of accuracy from the government to the importer.
The North American Free Trade Agreement (NAFTA) primarily aimed to:
NAFTA (now replaced by the USMCA) was a trade agreement designed to reduce trade barriers, such as tariffs and quotas, among the U.S., Canada, and Mexico, promoting the free flow of goods, services, and investment.