Question: Define tariff and duty then explain the difference between them using an example. What are Harmonized System (HS) codes? What are their purposes? Calculate the

Define tariff and duty then explain the difference between them using an example. What are Harmonized System (HS) codes? What are their purposes? Calculate the tariff/duty for a product using the Harmonized Tariff Schedule duty rate table. A company wants to optimize its supply chain to reduce the tariff for its product. How can the following help: (1) free trade zone; (2) free trade agreement; (3) regional content value; (4) duty drawback; and (5) tariff engineering. Be able to explain what each is and how it may help to reduce a tariff.

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