Trade glossary

HS code

The Harmonized System code — a six-digit product code used by most countries to classify traded goods.

HTS code

The Harmonized Tariff Schedule code — the ten-digit US extension of the HS code. The first six digits are the international HS code; the remaining digits are US-specific.

Entered value

The customs value a duty is calculated on — generally the price paid for the goods, excluding international freight and insurance.

MFN rate

The most-favored-nation rate, also called the normal-trade-relations (NTR) rate — the ordinary duty that applies to imports from most trading partners.

Ad valorem rate

A duty expressed as a percentage of the entered value.

Specific rate

A duty expressed as a fixed amount per unit of quantity, such as per kilogram.

Compound rate

A duty combining an ad valorem percentage and a specific per-unit amount.

Section 301

Additional US tariffs on many goods from China, imposed in response to a trade-practices investigation. See the Section 301 explainer.

Section 232

National-security tariffs on steel, aluminum, copper, their derivatives, and autos. See the Section 232 explainer.

Section 122

A temporary emergency tariff with a statutory expiry. See the Section 122 explainer.

IEEPA

The International Emergency Economic Powers Act. Tariffs imposed under IEEPA were ruled unauthorized by the Supreme Court; duties paid may be refundable through CAPE.

CAPE

Consolidated Administration and Processing of Entries — CBP's process for refunding IEEPA duties. See the CAPE refunds explainer.

MPF

The Merchandise Processing Fee — a small US customs fee charged as a percentage of entered value, with a minimum and maximum per entry.

HMF

The Harbor Maintenance Fee — a US customs fee on ocean shipments, charged as a percentage of entered value.

AD/CVD

Antidumping and countervailing duties — additional duties on specific goods sold below fair value or benefiting from foreign subsidies. Portigo flags their presence but does not compute their rates.

FTA

A free trade agreement, such as USMCA. Goods that qualify under an FTA's rules of origin may receive a preferential (reduced or zero) duty rate.

Chapter 99

The section of the US tariff schedule that carries temporary tariff measures, including Section 301, 232, and 122 surcharges.

Column 2 rate

The higher duty rate applied to goods from a small number of countries that do not have normal trade relations with the United States.

TRQ

A tariff-rate quota — a lower duty rate up to a set import quantity, and a higher rate beyond it.

Section 201

A safeguard tariff used to give a domestic industry temporary relief from a surge in imports.

Country of origin

The country where goods were produced or substantially transformed — it determines which tariffs and preferences apply.

These definitions are plain-English summaries, not legal definitions. Portigo does not give legal or compliance advice. Confirm specifics against the USITC HTS database or a licensed customs broker.