Statutory Rate Of Duty

Summary of Statutory Rate Of Duty

The rate of duty on the given product specified by the Smoot- Hawley Act (read this and related legal terms for further details) of 1930. The rates established by this act are applied to Column 2 countries, i.e., those that do not enjoy most favored nation status. Lower rates of duty, as reflected in Column 1 of the Tariff Schedules, have been negotiated under the authority of various acts in response to duty reductions on American products.

(Main Author: William J. Miller)