19 U.S.C. § 240 — Value at date of shipment

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When import duty is based on an item's true market value, that value is measured on the day it actually shipped — not some other day. This only applies if a bill of lading proving the shipment date is presented, certified by a U.S. consul or authorized deputy.

If a duty on imports is meant to be charged based on the item's true market value — either in the main markets of the country it came from, or at the port it was exported from — the duty must be figured and collected using the item's value on the actual day of shipment. This only applies when a bill of lading showing the shipment date is presented, and that bill of lading must be certified by a United States consul or a legally authorized deputy.

the actual law source: uscode.house.gov ↗public domain

When the duty upon any imports shall be subject to be levied upon the true market value of such imports in the principal markets of the country from whence the importation has been made, or at the port of exportation, the duty shall be estimated and collected upon the value on the day of actual shipment, whenever a bill of lading shall be presented showing the date of shipment, and which shall be certified by a certificate of the United States consul or legally authorized deputy.

Source credit: (R.S. § 2904.)

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