232/301 Tariffs Will Impact Your Customs Bond
August 30, 2018
As the U.S. Trade Representative reviews List 3 of potential 301 tariffs for a large number of goods from China, importers should be forecasting their shipments over the next 12 months with these additional duties in mind. At this time, it has not been determined if List 3 will be assessed at 10% or 25%, but importers should be prepared for the latter just in case.
This also means taking a look at your Customs bond to ensure adequate sufficiency in the wake of these increased duties. Historically, Customs has reviewed an importer’s previous 12 months of duties to determine bond sufficiency. Now, importers need to be proactive and make sure they have a large enough bond in place when the 301 tariffs go into effect.
Importers impacted by the 232 tariffs on steel and aluminum should have already increased their bonds. Entries will be denied clearance if a bond is found to be insufficient.
Please contact us if you need a bond review.