Word: valuationâ
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Valuation. The cost of an article abroad (foreign value) is now used to assess ad valorem duties. The Finance Committee voted to change the system to domestic or U. S. valuation???then crossed its fingers and postponed the effective date to Jan. 1, 1932. Domestic value is "the price at which imported merchandise is freely offered for sale in the principal markets of the U. S. in wholesale quantities." The committee's purpose was to change the system of valuation without changing the scale of protection. The Tariff Commission was ordered to calculate the conversion and submit to Congress...
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