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Normal Trade Relations (NTR)

A status granted by the U.S. to most trading partners, meaning goods imported from that country are subject to the same generally low tariffs as goods from most other countries. Previously known as Most Favored Nation (MFN) status.

Tariff

A tax or duty to be paid on a particular class of imports or exports. Tariffs make imported goods more expensive.

Harmonized Tariff Schedule of the United States (HTSUS)

A comprehensive list of tariff rates for virtually all goods imported into the U.S., organized by product category. 'Column 2' rates are generally much higher and apply to countries that do not have normal trade relations with the U.S.

World Trade Organization (WTO)

An international organization that deals with the rules of trade between nations. Its main goal is to help trading countries conduct business smoothly, freely, fairly, and predictably.

Intellectual Property

Creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce. Examples include patents, copyrights, and trademarks.

Subsidies

Financial assistance (like grants or tax breaks) extended by a government to a private company or industry to encourage production or a public service.