Commodities

Commodities in the United States

Commodities and Commodities Regulation Legal Materials

For an explanation of how the commodities markets work, look at the Commodity Trading Manual by the Chicago Board of Trade, Stanley Kroll’s The Futures Market, Robert Kolb’s Understanding Futures Markets and other works by Kroll and Kolb.

Commodities litigation is reported in Andrews’ “Securities and Commodities Litigation Reporter.

Good sources for information on commodities regulation include the CCH Commodity Futures Law Reporter, the CFTC Web site (www.cftc.gov) and the CBOT Web site (www.cbot.com).

Commodities Subject to Import Quotas

The Commissioner, CBP, administers quotas on the following commodities:

Absolute Quotas

In January 2017 there were no commodities subject to absolute quotas and/or associated visa requirements. These controls would be imposed and adjusted through directives issued to the Commissioner by the Chairman of the Committee for the Implementation of Textile Agreements (CITA).

Additional information may be obtained from the Committee for the Implementation of Textile Agreements, U.S. Department of Commerce.

Worsted Wool Fabric

Presidential Proclamation 7383, as amended by the Miscellaneous Trade and Technical Corrections Act of 2004, implemented Title V of the Trade and Development Act of 2000 for several qualifying products.

Only importers having a license issued by the Department of Commerce or written authorization to use another importer’s license may import worsted wool fabrics under these provisions. See Department of Commerce Interim Final Rule, 66 Federal Register 6459, January 22, 2001.

Cotton Shirting Fabric

Divisions B and C, Title IV, Section 406, of the Tax Relief and Health Care Act of 2006 (Public Law 109-432) implemented a tariff-rate quota for the these qualifying products: Chapter 99, Subchapter II, U.S. Note 19 – Woven Fabrics of Cotton (9902.52.08 through 9902.52.19).

Only importers having a license issued by the Department of Commerce or written authorization to use another importer’s license may import cotton shirting fabrics under these provisions. See Department of Commerce Final Rule, 73 Federal Register 39585, July 10, 2008.

Tariff-Rate Quotas – General Agreement on Tariffs and Trade

Presidential Proclamation 6763 implemented the General Agreement on Tariffs and Trade (GATT) Uruguay Round Agreements, including tariff-rate quota limits for several commodities.

Quotas Established by Special Legislation or Negotiations

African Growth and Opportunity Act (AGOA)

Presidential Proclamation 7350 implemented the African Growth and Opportunity Act establishing Tariff Preference Levels for the following qualifying products from designated countries.

Chapter 98, Subchapter XIX, U.S. Note 2 – Apparel
Chapter 98, Subchapter XIX, U.S. Note 2 – Apparel From Lesser Developed Countries

Imports of textile and apparel articles under these provisions require an AGOA visa in order to claim preferential treatment.

U.S. Australia Free Trade Agreement

Presidential Proclamation 7857 implemented the U.S.-Australia Free Trade Agreement, establishing tariff-rate quotas for several qualifying products.

Imports under U.S. Notes 3 through 15 require an Export Certificate issued by the Government of Australia in order to claim preferential treatment.

U.S. Bahrain Free Trade Agreement

Presidential Proclamation 8039 implemented the U.S. Bahrain Free Trade Agreement, establishing tariff-rate quotas and a Tariff Preference Level for several qualifying products.

Caribbean Basin Trade Partnership Act (CBTPA)

Presidential Proclamation 7351 implemented the Caribbean Basin Trade Partnership Act, establishing Tariff Preference Levels for the following qualifying products:

Chapter 98, Subchapter XX, U.S. Note 3 – Knit Apparel
Chapter 98, Subchapter XX, U.S. Note 4 – T-Shirts

U.S. Morocco Free Trade Agreement

Presidential Proclamation 7971 implemented the U.S.-Morocco Free Trade Agreement, establishing tariff-rate quotas and Tariff Preference Levels for several qualifying products.

North American Free Trade Agreement (NAFTA)

Presidential Proclamation 6411 implemented the North American Free Trade Agreement, establishing Tariff Preference Levels for the following qualifying products from Canada or Mexico: Cotton or Man Made Fiber Apparel, Wool Apparel, Cotton or Man Made Fiber Fabrics and Made Ups, and Cotton or Man Made Fiber Yarns (HTSUS Section XI Additional U.S. Notes 3-5).

A Certificate of Eligibility issued by the governments of Canada or Mexico is required in order to claim preferential treatment.

U.S. Oman Free Trade Agreement

Presidential Proclamation 8332 implemented the U.S. Oman Free Trade Agreement, establishing tariff-rate quotas and a Trade Preference Level for several qualifying products.

U.S. Peru Trade Promotion Agreement

Presidential Proclamation 8341 implemented the U.S. Peru Free Trade Agreement, establishing tariff-rate quotas for the several qualifying products.

U.S. Panama Free Trade Agreement

Presidential Proclamation 8894 implemented the U.S. Panama Free Trade Agreement, establishing tariff-rate quotas for several qualifying products.

U.S.-Central America-Dominican Republic Free Trade Agreement (CAFTA-DR)

The following countries are participants in the U.S.-Central America-Dominican Republic Free Trade Agreement: Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua. Presidential Proclamations have implemented benefits and established tariff-rate quotas for El Salvador (effective 03/01/2006; Presidential Proclamation 7987), Honduras, and Nicaragua (effective 04/01/2006; Presidential Proclamation 7996), Guatemala (effective 07/01/2006: Presidential Proclamation 8034), Dominican Republic (effective 03/01/2007; Presidential Proclamation 8111), and Costa Rica (effective 01/01/2009; Presidential Proclamation 8331). For additional information, see HTSUS General Note 29; Chapter 99, Subchapter XV; and Chapter 98, Subchapter XXII.

Tariff-rate quotas and Tariff Preference Levels were established for several qualifying products.

Effective July 1, 2006 imports of textiles under Chapter 99, Subchapter XV, U.S. Note 15 require a Certificate of Eligibility issued by the government of Nicaragua in order to claim preferential treatment.

U.S. Chile Free Trade Agreement

Presidential Proclamation 7746 implemented the U.S. Chile Free Trade Agreement, establishing tariff-rate quotas and Trade Preference Levels for several qualifying products.

Haitian Hemispheric Opportunity Through Partnership Act

Presidential Proclamation 8114, as modified by Presidential Proclamation 8296, implemented the Haitian Hemispheric Opportunity Through Partnership Act, establishing Trade Preference Levels for several qualifying products.

U.S. Israel Agreement on Trade in Agricultural Products

Presidential Proclamation 8334 extended the U.S.-Israel Agreement on Trade in Agricultural Products, establishing tariff-rate quotas for several qualifying products.

U.S. Colombia Trade Promotion Agreement

Presidential Proclamation 8818 implemented the U.S. Colombia Trade Promotion Agreement, establishing tariff-rate quotas for several qualifying products.

U.S. Korea Free Trade Agreement

Presidential Proclamation 8783 implemented the U.S. Korea Free Trade Agreement, establishing tariff-rate quotas for several qualifying products.

Import Goods

Import quotas control the amount or volume of various commodities that can be imported into the United States during a specified period of time. Quotas are established by legislation, Presidential Proclamations or Executive Orders. Quotas are announced in specific legislation or may be provided for in the Harmonized Tariff Schedule of the United States (HTSUS).

See Also

Brokers
Chicago Board of Trade
Commodities Futures Trading Commission
Commodity Prices
Futures Contracts

Commodities: Open and Free Legal Research of US Law

Federal Primary Materials

The U.S. federal government system consists of executive, legislative, and judicial branches, each of which creates information that can be the subject of legal research about Commodities. This part provides references, in relation to Commodities, to the legislative process, the federal judiciary, and the primary sources of federal law (cases, statutes, and regulations).

Federal primary materials about Commodities by content types:

Laws and Regulations

US Constitution
Federal Statutory Codes and Legislation

Federal Case Law and Court Materials

U.S. Courts of Appeals
United States courts of appeals, inclouding bankruptcy courts and bankcruptcy appellate panels:

Federal Administrative Materials and Resources

Presidential Materials

Materials that emanate from the President’s lawmaking function include executive orders for officers in departments and agencies and proclamations for announcing ceremonial or commemorative policies. Presidential materials available include:

Executive Materials

Federal Legislative History Materials

Legislative history traces the legislative process of a particular bill (about Commodities and other subjects) for the main purpose of determining the legislators’ intent behind the enactment of a law to explain or clarify ambiguities in the language or the perceived meaning of that law (about Commodities or other topics), or locating the current status of a bill and monitoring its progress.

State Administrative Materials and Resources

State regulations are rules and procedures promulgated by state agencies (which may apply to Commodities and other topics); they are a binding source of law. In addition to promulgating regulations, state administrative boards and agencies often have judicial or quasi-judicial authority and may issue administrative decisions affecting Commodities. Finding these decisions can be challenging. In many cases, researchers about Commodities should check state agency web sites for their regulations, decisions, forms, and other information of interest.

State rules and regulations are found in codes of regulations and administrative codes (official compilation of all rules and regulations, organized by subject matter). Search here:

State opinions of the Attorney General (official written advisory opinions on issues of state law related to Commodities when formerly requested by a designated government officer):

Tools and Forms

Law in Other Regions

*This resource guide is updated frequently. However, if you notice something is wrong or not working, or any resources that should be added, please notify us in any of the "Leave a Comment" area.

Leave a Comment