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Duties

Taxes paid on imported goods into a country.

International Emergency Economic Powers Act (IEEPA)

A federal law that gives the President broad powers to regulate international commerce during national emergencies, including the ability to impose tariffs.

U.S. Customs and Border Protection (CBP)

A federal law enforcement agency within the Department of Homeland Security responsible for regulating and facilitating international trade, collecting import duties, and enforcing U.S. regulations.

Reliquidate

The process of re-examining and adjusting the final settlement of an import entry, typically to change the amount of duties owed or refunded.

Drawback

A refund of import duties (or taxes) that were paid on imported goods, typically when those goods are later exported or used in the manufacture of products that are then exported.

Small business concern

A business that meets specific size standards, usually based on its number of employees or annual revenue, as defined by the Small Business Act.