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67 Cards in this Set
- Front
- Back
Ad Valorem Tariff
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a tax set as a fixed percent of value of an imported product
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Agreement on Textiles and Clothing (ATC)
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trade agreement that replaced Multifiber Arragement
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CIF: cost, insurance, freight
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the value of the product when it arrives at the importing country
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Customs and Border Protection (CBP)
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U.S. customs service
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Duty
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a payment due to import export goods;
usually based on tariff schedule |
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Effective Tariff
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economic impact of nominal tariff
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FOB: free on board
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the value when the product is loaded on the carrier
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Free Trade
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unrestricted exchange of goods among nations
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Free Trade Zone
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a port or other site within a nation designated for duty-free entry of selected goods to be displayed, stored, or used for manufacturing
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GATT: General Agreement on Tariffs and Trade
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multilateral trade agreement whose fundamental purpose was to promote free trade of goods and equalize trade among countries
has been absorbed by the WTO |
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Global Marketing
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activities that accelerate the movement of goods and services from a manufacturer or retailer to consumers in many countries around the world
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Global Sourcing
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determining desirable vendors of services, materials, production, and/or finished goods anywhere in the world
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Harmonized System (HS)
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name commonly used for Harmonized Commodity Code
the global classification system used to describe trade in most goods international at the six-digit level country by country at the 10-digit level |
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Harmonized Tariff Schedule of the United States
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system for assessing duties on imports and exports based on the metric system
replaced Tariff Schedules of the United States based on the English system in 1989 |
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International Marketing
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promoting, pricing, and selling goods in selected foreign markets
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International Sourcing
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determining desirable vendors of services, materials, production and/or finished goods for import from one or a few countries
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International Trade
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exchange of goods between nations and all the issues associated with that exchange
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International Trade Regulation
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barriers and limits on types and quantities of goods and services that cross political boundaries
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Manufacturer's Identification Number (RN)
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number assigned by the U.S. Federal Trade Commission to identify a product's producer
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Most-favored Nation (MFN)
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a very confusing term that means all nations engaged in the same trade agreement should be treated the same
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Multifiber Arrangement (MFA)
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international trade agreement that allowed the quantity of textile and apparel trade to be regulated through bilateral agreements between nations
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Multilateral Trade Agreement
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involves more than two countries
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Nominal Tariff
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rates published in each country's tariffs schedule
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Nontariff Trade Barriers
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quota, quality standards, or other regulations or conditions that restrict the flow of goods between countries, not including taxes on imports or exports
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Normal Trade Relations (NTR)
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a term intended to replace most-favored nation because it is more descriptive of the actual meaning
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Protectionism
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uses trade barriers to minimize imports
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Quota
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regulates quantities of goods that can be traded internationally
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Rate of Duty
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amount of tax to be assessed on imported or exported goods, usually according to a tariff schedule
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Specific Tariff
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fixed amount of tax per physical unit of imported product
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Uruguary Round
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final multilateral trade negotiations of GATT that resulted in the WTO and ATC
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Voluntary Export Restraint
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a "gentleman's agreement" between countries limiting trade
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World Customs Organization (WCO)
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global organization whose purpose is to improve operation and efficiency of Customs services
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Code of Conduct
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a statement of principles and standards by which business decisions are made
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Counterfeit
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an imitation of what is genuine with the intent to defraud the customer
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Counterfeiting
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the act of making an imitation of an original with the intent to defraud
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Fair Trade
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trade systems and regulations that are less discriminatory among suppliers
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Grey Market Goods
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original goods (thery are not knockoffs) that are sold by unauthorized vendors
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Human Trafficking
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facilitating the emigration of people for monetary gain
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Illegal Transshipment
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shipping goods from one country to another to illegally change the country of origin of the goods to avoid tariffs or quota limitations
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Intellectual Property
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copyrights, trademarks, patents, trade secrets, and semiconductor chips
inventions, or other discoveries that have been registered with government authorities for the sale and use by the owner |
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Intellectual Property Rights
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legal protection for exclusive use by owners of copyright, trademarks, patents, trade secrets, and semiconductors chips
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Knockoff
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an imitation of an original that is made with lower-cost materials and production methods and sold at a lower price
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Licensee
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the buyer of the right to use the merchandising property
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Licenser
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the owner of the merchandising property
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Licensing Contract
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primary means of product differentiation and source of customer loyalty
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Rules of Origin
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laws and regulations to determine country of origin of goods
the country where the goods were wholly obtained or when more than one country is involved, the country where the last substantial transformation has been carried out |
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Social Responsibility
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obligation to a group or the general population for their well-being
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Trademark
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a word, phrase, logo, or other graphic symbol used to distinguish one firm's product(s) or service(s) from another's
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Trademark Infringement
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the act of misleading the public into believing the items bearing the trademark/brand name are produced and sold by the owner of the trademark when in fact they are not
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Undocumented Immigrant Workers (UIW)
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individuals from foreign countries without legal identification papers
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Worldwide Responsible Apparel Production (WRAP)
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an independent nonprofit corporation dedicated to the promotion and certification of lawful, humane, and ethical manufacturing throughout the world
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Unfair Competition Law
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governs commercial activity that tends to confuse, mislead, or deceive customers and/or provide unfair business advantages
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Production Subsidy
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negative trade tax
payment of money from a government to a business to defray costs of production |
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Export Subsidy
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payment from a government to a firm as a reward for exporting products
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Price Support Program
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purchasing and storing products from the market to reduce the supply relative to demand to drive up the price
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Dumping
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selling a product in another country at less than the price it is sold in the home country or less than it costs to produce
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Import Surge
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an unexpected or unplanned flood of imports of particular category(ies)
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Countervailing Duty
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a special tax that increases the price of goods to a competitive level
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Embargo
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prohibition of the entry of goods into a defined political area
stoppage of trade until issues can be negotiated |
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Lobbying
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the process of influencing the formation of legislation and/or the administration of rules, regulations, and policies
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Lobbyist
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paid professionals that carry the messages defined by their employers and try to influence formation or administration of legislation
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Trade Association
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a nonprofit organization formed to serve the common needs of its members
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Item 807
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ruling that allowed garments cut in the United States to be exported and assembled and then imported with tariff based only on value added
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Quota Avoidance Strategy
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using transshipment and fabric blends not covered by quota
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Caribbean Basin Initiative
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economic development program established by the U.S government
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Fabric Forward Rule
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trade rule that limits tariffs and/or provides quota free imports to garments made of fabrics produced in the sourcing country
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Yarn Forward Rule
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trade rule that limits tariff and quota free imports to garments made of domestically produced yarns and fabrics
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