Description

Since 2018, US tariffs on Chinese imports have in many cases risen to 25% of the value of the merchandise. These import duties greatly increase your production costs and sales prices, and have, therefore, resulted in lost contracts and customers. This webinar will teach you how to lawfully reduce your tariff costs. We will show you how to do this without large investments – while also being compliant with all Customs laws. Companies that have managed tariffs/costs have become more competitive: Implementing tariff mitigation strategies had an average savings of 60% on tariffs in the US in 2022. Therefore, a bit of flexibility and ingenuity can have a profound impact on your bottom line when facing substantial tariff and duty exposure. Whether you are already implementing tariff mitigation strategies or are looking to start, they are an important part of maximizing profits from your international sales.

Areas Covered in the Session:-

The Following Tariff Mitigation Strategies Will Be Discussed:

This webinar will focus on 8 lawful options to lower costs and be compliant with US Customs laws.

• Product Exclusion Requests: Exclusions are considered under certain circumstances, such as a lack of available, competitive products outside China; tariffs causing economic harm to a domestic industry; or the products being sourced not benefiting China’s 2025 industrial initiative.
• Country of Origin Adjustments: Moving portions of Chinese manufacturing operations to another country to achieve a change in product origin. This is a continuing trend to diversify away from Chinese manufacturing toward other south Asian nations.
• Foreign Trade Zones and Bonded Warehouses: When using a foreign trade zone, the typical US CBP entry process, such as payment of duties, does not apply until your goods leave the FTZ. Importers can also store merchandise subject to import tariffs in a bonded warehouse, and then export it to another country without having to pay the tariffs on it.
• Duty Drawbacks: If you import products into the US only to export them to another country, you may be entitled to 99% compensation for the duties paid.
• Tariff Engineering: You may alter the HTS classification of an intended imported well to benefit from a lower duty rate, but you must be careful to do so lawfully, which we will examine how to do.
• Value Reduction/First Sale Tactics: This approach decreases the dutiable value of imported goods by authorizing importers to use the price paid in the first sale.
• Utilize sec. 321 (“de minimus”) for distribution from the factory directly to the end consumer for shipments valued at less than 800 USD. (Most useful for e-commerce).
• Negotiate to Share the tariff costs: Suppliers may be willing to absorb themselves, or the party shares the cost of the tariffs, in order to hold onto the business.

Background:-

How does it feel to be caught in the middle of a growing trade war between the US and China -- rife with high and increasing import tariffs on your products? These huge tariffs against China began in 2018, during the original “trade wars” initiated by the Trump administration. Since 2018, US tariffs on Chinese imports have in many cases, been as high as, 25% of the value of your transaction. For many importers, these increased duties have added millions of dollars to their costs. Having received comments from importers “benefiting” from these US tariffs, in August 2022, the USTR announced the continuance of tariffs against China, and the Biden administration has since demonstrated no interest in reducing or eliminating the high Chinese tariffs, despite US inflation and rising costs.

These import duties greatly increase your production costs and sales prices. These higher costs and prices have caused many US importers to lose contracts and customers, and seek other measures to avoid the high Chinese tariffs. This webinar will examine several proven, and lawful options for tariff mitigation and duty-saving opportunities, to save you money – while also keeping you compliant with US Customs laws.

Who will Benefit?

• Directors, CEOs, CFOs, COOs, VPs & C-level professionals across the trade industry
• Import and export managers
• Supply chain managers
• Labor and legal affairs
• Procurement managers
• Customs regulatory managers
• Customs compliance managers
• Operations professionals
• Regulatory compliance professionals
• Custom compliance personnel
• Quality managers
• Office managers
• Customs/logistics supervisors
• Trade compliance managers
• EHS managers
• Purchasing managers
• Quality/process control engineers
• Project managers
• Global compliance managers
• Sales administrators
• Personnel involved in import-export from/to North America
• Shipping and logistics personnel
• Legal personnel
• Trade consultants/advisors
• Chambers of commerce professionals
• Foreign trade agency professionals
• Business development professionals