JMR Webinars
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Webinar Summary for Facing the New Tariff Landscape: A Live Discussion on Duty Drawback Opportunities
Quick recap
The webinar explored how recent tariff changes, including Fentanyl tariffs and reciprocal tariffs, impact global trade and sourcing strategies, with a focus on the US Customs duty drawback program as a cost recovery mechanism. Presenters Andrew Galloway and David Verkaik discussed the importance of understanding and utilizing drawback opportunities in response to tariffs, emphasizing the need for accurate data management and standardized processes. They highlighted J.M. Rodgers’ expertise in drawback and their proprietary software as a strategic partner for companies seeking to recover duties, while encouraging attendees to follow up with further questions.
Summary
Tariffs and Duty Drawback Overview
The webinar focused on the impact of tariffs on the current trade environment and how duty drawback can help recover costs. Andrew Galloway, Senior Vice President, and David Verkaik, Vice President of Drawback Development, provided an overview of recent tariff changes, including the fentanyl tariffs, reciprocal tariffs, and the removal of de minimis treatment for Hong Kong and China. They explained that while some tariffs are eligible for drawback, others, such as the fentanyl and Section 232 tariffs, are not. The presenters also discussed the recent reduction of tariffs from 125% to 10% between the US and China for a 90-day period to facilitate trade negotiations.
Tariffs and Cost Mitigation Strategies
Andrew and David discussed the impact of tariffs on global sourcing and the strategic importance of understanding recoverable costs through the US Customs duty drawback program. They highlighted that tariffs are no longer short-term and are being used as economic and political levers, making it crucial for companies to plan for increased landed, freight, and compliance costs. David emphasized the need for importers to be creative in cost mitigation, mentioning that companies can collect significant refunds through drawback, especially with the right partner and process. They also outlined the keys to building a successful drawback program, including identifying potential refund amounts, understanding the scope of work, and selecting the appropriate drawback type.
Data Management for Drawback Claims
David emphasized the importance of accurate data in drawback claims, highlighting the transition from paper documentation to digital data management. He discussed the need for a standardized, secure, and automated data exchange process, as well as the preparation of various applications and the creation of a standard operating procedure (SOP) to ensure compliance and efficiency. Andrew stressed the role of the sales and marketing division in building a successful program, noting that each company’s strategy must be customized based on trade flows and data availability. He also highlighted J.M. Rodgers’ expertise in drawback, their long history, and their proprietary software, positioning them as a strategic partner for companies seeking to recover duties.
Tariff Drawback Strategy Overview
Andrew discussed the importance of understanding and utilizing drawback opportunities in response to tariffs, emphasizing that companies with export models should consider drawback as a high-reward, low-risk strategy. He highlighted the need to act promptly due to anticipated high demand and limited customs resources. Andrew also addressed pre-submitted questions, clarifying details about eligible duties, accessing tariff information, and the specifics of substitution drawback claims, including the five-year rule for imports and exports. He encouraged attendees to email further questions to info@jmrodgers.com and offered to schedule follow-up conversations to explore individual business opportunities.
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