Make your business tariff-proof

Multiple-choice questions. In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again.

Which of the following EU and UK export industries are most affected by US tariffs?

Aluminium and steel

Pharmaceuticals

Car manufacturers

All the other answers are correct

What is the value of the UK medicinal and pharmaceutical industry's annual exports to the US?

8.8 billion pounds

2.6 billion pounds

8.8 million pounds

16 billion pounds

Who is normally responsible for proving to customs authorities where a product originated?

The importer

The customs authorities in the originating country

No one has responsibility

The exporter

Which of the following statements is true? Statement 1, businesses can reduce their base costs by diverging from the use of the transfer price for customs valuation purposes. Statement 2, businesses can reduce their base costs by choosing alternative customs valuation methodologies

Neither statement is correct

Statement 1 is correct

Both statements are correct

Statement 2 is correct

Globally, what level of tariffs have pharmaceuticals traditionally been subject to?

There has been significant variation between jurisdictions

0.5%

What is the first-sale-of-export rule?

The item's value is based on the last transaction in the supply chain

None of the other answers is correct

The item's value is based on an average of transactions across the supply chain

The item's value is based on the first transaction in the supply chain

Which of the following statements is true? Statement 1, setting up a US subsidiary may enable a business to obtain duty reliefs. Statement 2, businesses may set up a US subsidiary only if they have been operational in the home country for at least five years

Statement 2 is correct

Statement 1 is correct

Neither statement is correct

Both statements are correct

Which of the following statements is true? Statement 1, using a bonded warehouse may enable tariff-free import to the US. Statement 2, the US is phasing out the bonded warehouse programme

Statement 2 is correct

Statement 1 is correct

Both statements are correct

Neither statement is correct

When should an importer to the US be aware of the origin country of a product?

An importer should always be aware of the origin country

If its value has doubled since it left the origin country

None of the other answers is correct

If it originates in a country on which the US has placed tariffs

Which of the following statements is true? Statement 1, the UK could benefit if tariff-hit countries move production there. Statement 2, overseas companies face UK tariffs if they move production there

Statement 2 is correct

Statement 1 is correct

Neither statement is correct

Both statements are correct

1 unit

Make your business tariff-proof

Which of the following EU and UK export industries are most affected by US tariffs?

What is the value of the UK medicinal and pharmaceutical industry's annual exports to the US?

Who is normally responsible for proving to customs authorities where a product originated?

Which of the following statements is true? Statement 1, businesses can reduce their base costs by diverging from the use of the transfer price for customs valuation purposes. Statement 2, businesses can reduce their base costs by choosing alternative customs valuation methodologies

Globally, what level of tariffs have pharmaceuticals traditionally been subject to?

What is the first-sale-of-export rule?

Which of the following statements is true? Statement 1, setting up a US subsidiary may enable a business to obtain duty reliefs. Statement 2, businesses may set up a US subsidiary only if they have been operational in the home country for at least five years

Which of the following statements is true? Statement 1, using a bonded warehouse may enable tariff-free import to the US. Statement 2, the US is phasing out the bonded warehouse programme

When should an importer to the US be aware of the origin country of a product?

Which of the following statements is true? Statement 1, the UK could benefit if tariff-hit countries move production there. Statement 2, overseas companies face UK tariffs if they move production there

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