United States trade representatives are in talks to revamp the North American Free Trade Agreement (NAFTA) with Canada and Mexico. The first round of talks on the three-nation pact will continue through August 20.

The current administration has called NAFTA "the worst trade deal maybe ever signed anywhere, but certainly ever signed in this country."

As an importer, it is vital to use reasonable care when claiming the correct valuation of a product. With this process, it is sometimes necessary to update entries after initial filings because values change.

 What is Transaction Value?

The transaction value of imported merchandise is the price actually paid or payable for the merchandise when sold for exportation to the United States. Typically, this value is the sales price paid by the buyer to the seller for the imported product. Under the “transaction value method,” the price paid or payable includes the following statutory additions.

The Australian Government integrated Norfolk Island with Australia’s tax, health, and social security systems and began delivering essential national functions such as immigration, customs, and biosecurity in Norfolk Island.