301 China Tariffs – What Your Business Can Do
The 301 China Tariffs have cost importers billions since implemented on June 23, 2018. Fortunately, there are a number of strategies your business can implement to reduce or eliminate the additional costs associated with the 301 China tariffs.
Consider Drawback: If your company imports a product and re-exports that same product you may be eligible to file Drawback. Drawback allows your business to recapture any duties or tariffs that have been paid on products that were ultimately exported. There are a number of factors that go into your drawback eligibility and the privilege to file is reviewed on a case by case basis.
File an Exclusion: Certain products may be excluded from the 301 China tariffs. Product exclusions are can be complicated to file, so it’s important to work with an experienced professional who is up to date on the latest list of products eligible for an exclusion. Our 301 Tariff experts can assist you in determining if your products may be suitable for an exclusion.
Review Your Product Classification: Are your product classifications up to date and accurate? We recommend a comprehensive review of your imports and the classifications you’ve applied to those imports at least three times a year. Conducting periodic reviews can save money and the potential of fines and penalties from Customs if you’ve misclassified your imported products.
Utilize Foreign Trade Zone Procedures: In many businesses, establishing a Foreign Trade Zone and utilizing Foreign Trade Zone Procedures may be a tool that you can incorporate into your supply chain to reduce or eliminate the additional burden of tariffs.
Establish A Customs Bonded Warehouse: Filing for the privilege of utilizing your warehouse as a Customs Bonded facility is another option you may want to consider as a tool to help your business mitigate the additional costs of tariffs.
To find out more about any of the above mentioned opportunities, you can contact Glenn Page for an initial, free 1 hour consultation. Glenn can be reached by email at [email protected] or by phone at 603-957-8247.
