What is the process of fixing final appraisal and classification in customs known as?

The process of fixing final appraisal and classification in customs is referred to as liquidation. Liquidation is the formal process through which U.S. Customs and Border Protection (CBP) finalizes the duty assessment on imported merchandise. During this process, customs determines the final amount of duties owed based on the classification and value of the goods after they have been entered into the commerce of the United States. This step is crucial because it concludes the duties owed, and it also allows for any adjustments based on additional information or procedures, which must be followed for accurate tax and duty collection.

Reconciliation and verification, while related to customs processes, do not specifically refer to the final assessment of duties and classification. Reconciliation is a procedure that allows importers to submit additional data and make adjustments to entries after the initial liquidated amount has been processed. Verification typically involves checking the accuracy of the information provided, such as the value or classification of the goods, but it does not finalize the duty assessment itself. Assessment relates more broadly to the analysis or evaluation of situations within customs but does not denote the specific finalization process like liquidation does.