A recent CBP ruling saying gold bars are subject to reciprocal tariffs has sent shock waves through the gold futures market this week, according to news reports.
As importers seek to comply with the many tariffs that have been introduced or modified in recent months, they will need to be mindful of entry construction if their goods are eligible for duty drawback, according to Tim Vorderstrasse, a licensed customs broker with Flexport, speaking during his company's Aug. 6 webinar on tariffs.
A recent CBP ruling grapples with the issue of whether a sale between a contract manufacturer and a non-resident importer would be considered as a bona fide sale for export to the U.S., and if so, whether the sale may be used for appraisement purposes under transaction value.
A July benchmarking survey from the U.S. Fashion Industry Association found that executives from 25 leading U.S. fashion companies have been diversifying their sourcing as part of a wider strategy to hedge against higher tariffs and U.S. trade policy uncertainties.
Although potential reciprocal tariff increases have been pushed back to Aug. 1, ocean spot rates between Asia and the U.S. West Coast have been falling, suggesting a relaxation in demand for shipping containers, according to two companies tracking ocean rates.
The Port of Los Angeles could experience one last import surge ahead of the Aug. 1 deadline for the White House's potential rate increases on its reciprocal tariffs, port Executive Director Gene Seroka said during the port's monthly cargo briefing.
As CBP continues to ramp up enforcement of U.S. import compliance, one issue some industry experts want CBP to address is what the agency's increased enforcement means for the Customs Trade Partnership Against Terrorism, or CTPAT, according to comments from panelists during a June 27 session of a conference sponsored by the American Association of Exporters and Importers.
As companies seek to accommodate changes in U.S. tariffs, they should seek to understand the terms of their intercompany agreements and transfer pricing policies to avoid potential violations, according to an energy and infrastructure lawyer with Baker McKenzie.
An importer can't use the transaction value of the first sale for appraisement purposes, CBP recently determined in a May 6 ruling, finding that the middleman paid the manufacturer late yet didn't pay any interest as required by the contract, indicating that the transaction wasn't at arm's length.
The National Customs Brokers & Forwarders Association of America and dozens of state and national-level trade groups representing shippers have signed a letter warning the heads of multiple federal agencies of potential supply chain disruptions that could result should tariff changes proceed as planned.