While the trade world has been focusing on the S232 and S301 remedy tariffs, the Miscellaneous Tariff Bill of 2018 has been quietly implemented. This has allowed for a temporary reduction or suspension of import tariffs paid on particular imported items into the United States.
In 2018, the S232 and S301 tariffs have increased duty payments to Customs and Border Protection (CBP) by up to 25 percent. Ultimately, this affects the daily duty payments to CBP and the subsequent billing from Ascent Global Logistics. We predict that duty outlay could be up to six times more per month than in months previous to the S232 and S301 tariffs.
The duty liability for the importer is increasing. To better manage this duty outlay as well as credit terms with their broker, importers are encouraged to apply for and begin managing their own duty payments to CBP with the assistance of their broker through the statement process.
In recent years, the United States government and Customs and Border Protection (CBP) have taken a closer look at goods imported into the United States that are potentially made from forced labor or child labor. The goal of this increased scrutiny is to ensure the United States is involved in a fair and competitive trade environment.
In May 2016, the American Manufacturing Competitiveness Act was enacted, which established a new process for “the submission and consideration of petitions for temporary duty suspension and reductions.”