Final List

Summary of Final List

A listing of products upon which a unique standard of valuation was applied for duty purposes. Prior to 1958 duties were applicable on virtually all imports on the basis of foreign value or export value, whichever was higher. The foreign value was the price at which goods were freely offered for consumption in the country of origin, whereas export value was the price at which those goods were freely offered for export to the United States. Owing to export discounts or quantity purchases, it was possible that the export price might be lower than the foreign value. In 1958 the export value standard was adopted except for certain products where it was felt that the assessment of duties on the export value alone would constitute a de facto tariff reduction on those products. The Secretary of the Treasury was instructed to ascertain those items that would be afforded optional assessment of duties on either foreign value or export value, with the result of a reduction of up to 5 percent in duty rates on those items. The items so identified were placed on the Final List, and duties were assessed under the old system. The Final List was abolished by the Trade Agreements Act of 1979.

(Main Author: William J. Miller)