Across the country, thousands of importers are dealing with the cost impact that new “section 301” tariffs have brought to their bottom line. With 10% (soon to be 25%) additional costs on many sectors that had long become accustomed to being duty free, it can represent an impact of millions of dollars in additional costs.
The announcement that these tariffs would be eligible for drawback has led to a considerable increase in interest in drawback across industries that had never given it a second look. Our drawback team has been busy keeping pace with this heightened interest and have started the process on many new customers who never thought they’d have a need for drawback.
For our current clients, we have been making sure to check their imports for additional duties. We want to make sure that all of their potential refunds are being obtained and have already started to file our first 301 refunds as more and more tariffs take effect.
For those new to drawback, our sales and drawback development teams have been working hard to evaluate and explain the potential that’s available. We often hear considerable relief from customers who thought that there may be no way to mitigate the huge new bills they were paying, but now have a way to recoup some or all of the new costs.
When we’ve identified there are opportunities for returns, we immediately:
- Gather and evaluate your data and documentation. If they are a company that has never done drawback before, our drawback and data experts will work with them until the documentation trail and data can demonstrate to Customs
- Begin working on your rulings and applications. This will ensure that we can begin filing your claims as soon as they are approved by Customs.
- Start filing claims as soon as possible. Waiting for the approvals can take some time, but we will work to have your initial claims filed as soon as possible so that you can start seeing refunds soon.
We’re working hard to bring relief to newly-dutied customers every day as costs continue to build. If you’d like to discuss how you can start getting drawback refunds, please contact our VP of Sales Andrew Galloway at 973-726-5340 or firstname.lastname@example.org.