American Selling Price
American Selling Price: ASP. Until 1979 a method under the United States Fordney-McCumber Tariff Act of 1922, and carried over into the Tariff Act of 1930, for valuing some goods at the border for the purpose of levying customs duties. Duty assessments were based on the usual wholesale price, including preparation for shipping, at which an article manufactured in the United States was offered on the domestic market. The effect of this system could be a duty rate two to three times higher than if the method of valuation set out in GATT Article VII (Customs Valuation) had been chosen. Adherence to the old system was possible because of the grandfather clause which permitted laws pre-dating the GATT even if they violated its provisions. It appears, however, that less than 1% of United States imports provisions. It appears, however, that less than 1% of United States imports was at any time affected by this system, mainly some chemicals. The ASP was abolished through the Trade Agreements Act of 1979 by which the United States accepted the rules set out in the Tokyo Round Agreement on Implementation of Article VII [customs valuation].
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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