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Foreign-Trade Zone (FTZ)

Special secured areas within the U.S. that are considered outside U.S. customs territory, even though they are geographically within the country. Businesses can import, process, and store goods in these zones without paying duties until the goods enter U.S. commerce or are exported.

Tariff

A tax imposed by a government on imported or exported goods. Also known as a duty.

United States-Mexico-Canada Agreement (USMCA)

A free trade agreement between the U.S., Mexico, and Canada that replaced NAFTA. It governs trade rules and reduces barriers among the three countries.

Harmonized Tariff Schedule of the United States (HTS)

The official classification system for virtually all goods imported into the U.S. It lists different types of products and the corresponding duties that apply.

Merchandise

Goods or products that are bought, sold, or traded.

Duty deferral

A system that allows businesses to postpone paying duties or taxes on imported goods until they are removed from a specific customs-controlled area (like a foreign-trade zone) or used for a specific purpose.