Cargo Insurance: Prepare for the Worst Recently, tragedy struck the Yantian Express, a Hapag-Lloyd container ship, when a container fire broke out from the ship’s deck when it was traveling off the east coast of Canada. On January 3, 2019, a [...]
What are Quota Shipments? Import quota shipments set a numerical limit on how much of a good or product can be imported into the United States during a specific time. Import Quotas are regulatory measures used to encourage or discourage the [...]
What is a Duty Drawback? A Duty Drawback is a procedure in which you could refund, reduce, or waive customs duties assessed or gathered upon the importation of an article or materials which are being exported. The duty drawback law was [...]
UPDATE: President Trump and the President of China met over the weekend and discussed a truce regarding the tariffs that are set to increase January 1 from 10% to 25%. According to the BBC, the US statement on the truce says the US [...]
What is a Free Trade Agreement? Free Trade Agreements are entered between two countries to agree on the terms of trade between them. The free trade agreement affects the tariffs and duties that countries impose on exports and imports. When a [...]
Higher Bonds for Importers due to Tariff Hike Importers must ensure they have sufficient bonds to meet Customs Border Protection’s (CBP) requirements that are enough to cover ever-increasing Customs Duties and Taxes. Those could be in the form new tariffs that [...]
Businesses involved in the export and import industry all understand the necessity of filling out Customs Forms and Documents. These forms and documents are a key aspect in keeping borders safe, providing transparency, executing trade agreements, and the tracking of items. However, [...]
As of the beginning of October 2018, there is a new trade agreement between Canada, Mexico and the United States, which is called the USMCA Agreement (United States Mexico Canada). Highlighted below are some of the results of the agreement: Automotive [...]
What is the Harmonized Tariff Schedule? The Harmonized Tariff Schedule (HTS) is a system to classify traded goods based on their material composition, product name, and/or intended function. An important function of the HTS is to determine the rate of duty [...]
Are the goods you are importing properly marked with the country of origin? The Country of Origin Marking helps the final buyer know where a product comes from. Country of origin determines duty rates, preferential trade agreements, trade sanctions and import [...]
