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20 Cards in this Set

  • Front
  • Back
ACT OF STATE DOCTRINE
A rule requiring American courts to abstain from cases if a court order would interfere with the ability of the President or Congress to conduct foreign policy.
BILL OF LADING
A receipt for goods that minutely describes the merchandise being shipped.
CLASSIFICATION
The process by which the Customs Service decides what label to attach to imported merchandise, and therefore what level of tariff to impose.
COMITY
A doctrine that requires a court to abstain from hearing a case out of respect for another court that also has jurisdiction.
CONFISCATION
EXPROPRIATION without adequate compensation of property owned by foreigners.
DUMPING
Selling merchandise at one price in the domestic market and at a cheaper, unfair price in an international market.
DUTY
A tax imposed on imported items.
EXPROPRIATION
A government's seizure of property or companies owned by foreigners.
FOREIGN SOVEREIGN IMMUNITY ACT
A federal statute that protects other nations from suit in courts of the United States, except under specified circumstances.
General Agreement on Tariffs and Trade GATT
INTERNATIONAL TREATY NEGOTIATED TO ELIMINATE TRADE BARRIERS AND BOLSTER COMMERCE.
GOODS
Anything movable, except for money, securities, and certain legal rights.
IMPORT
To transport goods or services into a country.
LETTER OF CREDIT
A commercial device used to guarantee payment in international trade, usually between parties that have not previously worked together.
MULTINATIONAL ENTERPRISE
A corporation that is doing business in more than one country simultaneously.
North American Free Trade Agreement
NAFTA
A commercial association among Canada, the United States, and Mexico designed to eliminate almost all trade barriers.
NATIONALIZATION
A government's seizure of property or companies.
SIGNATORY
A person, company, or nation that has signed a legal document, such as a contract, agreement, or treaty.
SOVEREIGN IMMUNITY
The right of a national government to be free of lawsuits brought in foreign courts.
TARIFF
A duty imposed on imported goods by the government of the importing nations.
VALUATION
A process by which the Customs Service determines the fair value of goods being imported, for purposes of imposing a duty.