It’s not often that a service provider will tell you how not to pay as much for their services, but when they do, we all sit up a little straighter and pay attention. Such is the topic of today’s blog on how to reduce your import costs with these 5 tips.
Section 301 of the Trade Act of 1974 allows the US Trade Representative (USTR) to investigate and increase tariffs or impose trade sanctions on countries whose trade practices are deemed discriminatory to US commerce. It reaches beyond the General Agreement on Tariffs and Trade (GATT), to give the US authority to penalize importers of foreign goods. This legislation allows the US to enforce their rights under bilateral or multilateral trade agreements.
When US Customs and Border Protection (CBP) concludes that an examination of imported goods for trade compliance is in order, the
If you import, export, transport, sell, receive or acquire goods made up of plant or wood products grown or manufactured outside of the US, then you are likely following the implementation of the Lacey Act. Currently, the Lacey Act implementation is in Phase 5, but will enter Phase 6 on October 1st, of this year. Keep reading to understand what this means to your business and the additional steps you will need to take.
Canada and other countries are constantly negotiating and renegotiating trade deals to gain economic advantage in the global economy. A basic understanding of some of the terminology surrounding trade can benefit our understanding of some of the trade deals in the news today.
We have all seen the “Made in USA” stamp or label affixed to goods purchased around the world. Although the label is intended to be used to identify goods as meeting the Rule of Origin, it has also morphed into a mark of quality goods resulting in its use for sales purposes. We feel good about purchasing these goods because they are helping our economy and employing our residents. However, in recent months the Federal Trade Commission has ascertained that there is “rampant fraud” in the use of these labels and state that “violators essentially faced no consequences.” This has sparked impending rules on such claims with steep penalties for those who use them fraudulently.
As a US exporter, you must know that US federal law requires “that prior to an international shipment, you may need to file your export transaction electronically. This electronic filing is referred to as Electronic Export Information (EEI) filing, and is required when the value of the commodity classified under each individual Schedule B number is over $2,500 USD, or if an export license is required.” The EEI is the export data that must be filed through the Automated Export System (AES) by the US exporter, who is now known as the US Principal Party in Interest (USPPI). The USPPI is the party that receives the major benefit (usually money) of the export transaction. As indicated below, the US Foreign Trade Regulations (FTR) require an AES filing for exports to anywhere other than Canada (unless an export license is required).
Most importers are well aware that US Customs and Border Protection (CBP) can and often does assess harsh civil penalties against importers for importing goods in violation of often difficult-to-comprehend laws and regulations. Whether or not there has been an actual duty loss can also affect a penalty assessment by CBP against the importer. In this blog, we will explore the importance of accurate customs valuation for US importers.
Section 301 of the Trade Act has been the topic of many discussions in international trade over the past few years. It can have a large impact on importers into the US, causing questions and concerns. To address some of these questions, we offer you the following details on Section 301, including a historical look at it and our recommendations for you moving forward.
The United States Department of Agriculture (USDA) requires importers to report specific information on the Lacey Act Declaration Form. This information is in addition to the US Customs reporting requirements.