Tokyo Round

The Tokyo Round moved trade rules beyond tariff rates to the paperwork and standards that decide what goods actually pay. Negotiated among about 102 countries, its codes covered customs valuation, import licensing, technical barriers to trade, government procurement and subsidies. The customs valuation code made transaction value, the price actually paid for the goods, the main basis for duty, a rule later carried into the WTO. U.S. importers still apply it on every entry: duty is usually calculated on transaction value, so commercial invoices must show accurate prices and any assists or other costs that affect the declared value.

• Commercial InvoiceSeller's invoice that customs uses
• Landed CostTotal cost to get a product ready to sell
• Harmonized Tariff ScheduleHTSUS product codes that set import duty rates

• Kennedy Round1964–1967 · GATT talks cut industrial tariffs by about 35 percent
• Uruguay Round1986–1994 · GATT talks end by creating the WTO
• U.S. Adoption of the Harmonized System1989 · The US moves its tariff schedule to HS codes

• General Agreement on Tariffs and Trade (GATT)1947 · Postwar treaty that set most-favored-nation tariff rules
• Trade Agreements Act of 19791979 · Law that implemented the Tokyo Round trade codes

1. Tokyo Round (Wikipedia) en.wikipedia.org
2. Yearbook of the United Nations 1978, Part 2, Chapter 17 (United Nations) cdn.un.org