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duty

Customs duty, also known as import tariffs, represent taxes imposed by governments on goods entering a country. These charges fulfill various roles, including regulating trade, safeguarding domestic industries, and generating revenue. Customs duties can take the form of specific amounts per unit or ad valorem percentages based on the goods’ value. They are often classified using the Harmonized System (HS) code, which categorizes goods for customs purposes. Importers bear the responsibility for settling these duties, which are influenced by factors such as the goods’ type, value, country of origin, and relevant trade agreements. Customs duty significantly impact international trade dynamics, affecting pricing strategies and contributing to a country’s economic policies and revenue generation.