Enter to open, tab to navigate, enter to select
International Trade Toolkit
Practical Law Toolkit 0-555-4486 (Approx. 26 pages)
International Trade Toolkit
by Practical Law Commercial Transactions
| Maintained • USA (National/Federal) |
Resources to assist companies in complying with US international trade laws, including customs, trade remedy, export control, sanctions, and antiboycott laws.
The US government regulates international trade and international transactions through numerous statutes and regulations covering areas such as customs, trade remedies, export controls, economic and trade sanctions, and antiboycott. These provisions regulate a wide range of issues that affect parties to international transactions, including:
- How the government calculates and imposes tariffs, also known as customs duties, on imports.
- The export and reexport of most commercial items, sensitive equipment, software, and technology.
- The manner in which US citizens and companies, US-controlled entities, US residents, and some foreign companies with ties to the US may conduct business abroad and business with international counterparties.
US departments and agencies involved in the regulation of international trade include:
- The Department of Commerce.
- The Department of State.
- The Department of the Treasury.
- The Bureau of Industry and Security (within the Department of Commerce).
- The Directorate of Defense Trade Controls (within the Department of State).
- The Office of Foreign Assets Control (within the Department of the Treasury).
- The Office of the US Trade Representative (within the Executive Office of the President).
- US Customs and Border Protection (within the Department of Homeland Security).
These departments and agencies are responsible for:
- Ensuring that parties comply with relevant laws and regulations applicable to international trade and transactions.
- Punishing parties, either with civil or criminal penalties, for violating applicable US trade laws.
Before conducting an international transaction, including the importation and exportation of goods or services, parties should review applicable US laws and regulations to verify whether the transaction or the underlying conduct to complete the transaction:
- Is prohibited by federal law.
- Requires a special license from the federal government.
- Is permitted only under certain conditions, such as payment of a customs duty.
Parties engaged in international transactions should also be aware that other laws may govern or affect their transactions, such as applicable foreign laws or the UN Convention on Contracts for the International Sale of Goods.
The International Trade Toolkit contains numerous continuously maintained resources designed to help counsel understand US laws and regulations governing international trade and international transactions.