What's Happening?
Customs duty, or import tax, is levied on goods crossing the U.S. border, with exemptions for certain countries due to trade agreements. The United States Customs and Border Protection (CBP) enforces these
rules, using the Harmonized Tariff Schedule of the United States Annotated (HTSUS) to determine duty rates. Goods valued below $800 are not subject to duty.
Why It's Important?
Understanding customs duty rates is crucial for businesses involved in international trade. Accurate calculation ensures compliance and helps manage costs effectively. The minimum threshold for duty exemption can influence import strategies and pricing decisions.
