News
Section 301 Duty Drawback Claims Now Being Accepted
The “Section 301” duties on imports coming from China have brought big tariff burdens across thousands of businesses, and have been a hot topic for drawback. However, claimants of these may have heard that because these are a new form of duty being implemented, there...
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CEO Letter: 301 Tariffs & Duty Drawback
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...
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Reducing Domestic Freight Costs
Freight costs account for a large portion of your company’s expenses. So, if your business deals in large quantities of inventory, transportation costs can have a significant impact on profits. By reducing the domestic freight costs on a day-to-day basis, you can...
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Operating In A FTZ Has Its Benefits, But Is Loaded With Responsibility & Costs
When compared with the ease of filing Drawback claims on an accelerated duty refund basis, the advantages of Drawback are obvious. Responsibilities and costs of operating in a FTZ is generally borne by OPERATORS and USERS. Operators – are defined as a corporation,...
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Section 301 Tariffs – The Good, the Bad & the Ugly – And How to Survive
The Trade Act of 1974 promotes the development of an open, nondiscriminatory, and fair world economic system to stimulate fair and free competition internationally and to foster the economic growth of and employment in the United States. Concerns by the United States...
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Changing Rules of Origin in the USMCA
At the end of September, the delegates from the United States, Canada, and Mexico came to a preliminary understanding for a new agreement that would supplant NAFTA called the USMCA. I’ve written about this previously, and today wanted to focus on one of the major...
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Data Security in Import and Export
Cyber attacks and breach of security can cost companies millions of dollars especially when those breaches affect import/export data and record keeping. In 2017, the NotPetya attack on Maersk’s computer network cost the company over $300 million. In 2018, COSCO had a...
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Understanding the Basics of Classification
If you work at a business that is contemplating or currently involved in the import of goods to the United States, then you will become unavoidably familiar with the complex system used for classification of your goods for import or export. The United States uses the...
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Will Customs Be Ready For Upcoming TFTEA Drawback Regulations?
Importers and exporters in the USA as well as our drawback experts at JMR have been preparing for new drawback regulations that will be exclusively in effect come February 24, 2019. But there is a big lingering question within the trade industry: will Customs be ready...
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NAFTA Renegotiated, Replaced By USMCA
Trade news this year has been almost entirely focused on trade restrictions, with tariffs and trade wars dominating the headlines. But recently there was a breakthrough for free trade: a renegotiated NAFTA agreed to by the USA, Mexico, and Canada that would take the...
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The Cost of Ocean Freight in 2018
Cost Pressures on Ocean Freight for 2H 2018 In an environment of import/export uncertainty and the potential for increased tariffs later this year, peak season for shippers came early in 2018. US import volumes took a larger than normal upturn well ahead of the...
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The Importance of Accurate Record Keeping in Import/Export
While accurate record keeping might seem an obvious goal for companies with an international supply chain, it remains astonishing how many millions of dollars companies forfeit every year in fines and duty drawback due to flawed, missing or improper record keeping....
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Tariffs Used As Tool Of International Pressure
Tariffs remain the favored tool of international pressure in the Trump Administration, having put several waves of tariffs tallying in the billions into effect these last few months. These sweeping declarations have targeted commodity categories and imports from...
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