As of Friday May 10th, the Section 301 duty rate (on certain China origin goods) increased from 10% to 25%. All subject shipments that export on or after May 10th, will be subject to the increased rate. Most articles imported from China are subject to 25% duty (in addition to their regular duty rates), here is an inclusive list (evolving).
As the ongoing Trade dispute with China continues to intensify, businesses need to be prepared. Any company that is trading with China or import from a third country to the USA products originating from China must be mindful of the financial impact of the tariffs. Here are some key condsiderations:
Know your duty liabilities:
- Identify your immediate and potential duty exposure for the impacted tariffs. Axxess can help you look at scenarios based on your previous imports.
- Keep apprised of what may come next – i.e. more tariffs and/or retailiatory tariffs
- Consider viability of sourcing items elsewhere.
- Analyse the immediate impact on your cashflow as you will have to cover immediate additional duty at time of import.
A good working relationship with our customers is very important to us. We place tremendous value on our client relationships. Keeping you informed of your duty liaiblites and preventing any unwanted surprises is a key objective.
Axxess can help with the analysis of the additional duty impact on your business, we may also help you diversify your suppliers sources by advising you of the various duty rates and exemptions from other countries. If you have a question or need assistance, please do not hesitate to contact your Axxess International specialist.
Subscribe to our newsletter and be on the lookout for the industry news< Return