Trade War Update
ADDITIONAL DUTIES ON PRODUCTS FROM CHINA
There are currently four lists of products subject to additional duties of 15% or more and another product list that is scheduled to face 15% additional duty as of Dec. 15th. The two most recent lists, List 4A (15% in effect now) and List 4B (15% effective Dec. 15th) can be found at the links below.
List 4A can be found here – https://www.strtrade.com/assets/htmldocuments/USTR%20301%20List%204A.pdf
List 4B can be found here – https://www.strtrade.com/assets/htmldocuments/USTR%20301%20List%204B.pdf
FINAL CHANCE – THE DOOR IS CLOSING FAST
If you have goods on List 3 (25% additional duty soon to rise to 30% on Oct. 15th) and you wish to request an exclusion from these additional duties for your products you have a limited time to file the exclusion request. The deadline is Sept. 30th and it can take weeks to draft a properly worded request so now is the time to take action. We can refer you to our consultant partner if you need assistance in the process (fee-based service) or you can do it yourself.
Having a consultant file your exclusion request would like cost $3,000 or more, but you can DO IT YOURSELF. Time is running out – DON’T MISS OUT as this opportunity may not come along again.
IF IT SOUNDS TOO GOOD TO BE TRUE ……
It likely is! We are hearing disturbing stories from some importers who are being approached by suppliers, freight forwarders and others who tell them that they have a “foolproof” way to avoid the additional duties on goods from China. The methods described are all violations of the Customs Regulations and in some cases could open an importer up for criminal prosecution. Don’t take that risk! No matter what other parties tell you, as the importer of record you are fully responsible for the import shipment and any penalties or prosecution would be against your firm.
There are ways to legally mitigate and in some cases eliminate these additional duties but every case is specific and an importer must exercise due diligence before taking these steps. We can help. Please contact us today with your questions. We can assist you in looking at ways you might be able to eliminate or mitigate your company’s exposure to these additional duties. Email us at firstname.lastname@example.org
- Posted by Steve Fodor
- On September 19, 2019