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Increased US Tariffs Against China: How to Mitigate Their Effect and Be Compliant
This webinar will cover the following tariff mitigation strategies:
- Product Exclusion Requests
- Country of Origin Adjustments
- Foreign Trade Zones and Bonded Warehouses:
- Duty Drawbacks
- Tariff Engineering
- Value Reduction/First Sale Tactics
- “De minimus” imports
- Negotiate to Share the tariff costs
Overview of the webinar
How does it feel to be caught in the middle of a growing trade war -- rife with high import tariffs? These huge tariffs against China began in 2018. Having received comments from importers “benefiting” from these US tariffs, in August 2022, the USTR announced the continuance of tariffs against China. President Trump has promised to raise the existing tariffs on China.
These import duties greatly increase your production costs and sales prices. From 2018, US tariffs on Chinese imports have in many cases, been as high as, 60% of the value of your Chinese imports. Trump plans to increase this tariff rate to 100% on all imports from China.
This webinar will examine several proven legitimate and lawful options for duty-savings.
These Tariff Mitigation Strategies Will Be Discussed In This Webinar:
- Product Exclusion Requests: Exclusions are considered under certain circumstances, such as a lack of available, competitive products outside China; tariffs causing economic harm to an 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.
- 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 good to benefit from a lower duty rate, but you must be careful to do so lawfully, which we will examine.
- 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. It allows an
- earlier sale to be used in declaring customs value as long as that sale can be documented as a sale for exportation to the US and importer meets other Customs requirements.
- Utilize sec. 321 (“de minimus”) for distribution from the factory directly to the end consumer for shipments valued at less than 800 USD.
- Negotiate to Share the tariff costs: Suppliers may be willing to absorb the cost of the tariffs themselves, in order to hold onto the business.
Who should attend?
- Directors
- CEOs, CFOs, COOs, VPs & C-level Professionals Across 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
Why should you attend?
These import duties greatly increase production costs and sales prices. From 2018, US tariffs on Chinese imports have in many cases, risen to 60%. President Trump plans to increase the tariff rate to 100% on all Chinese imports.
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 into the US in 2019.
A bit of flexibility and ingenuity can have a profound impact on your bottom line when facing substantial duty exposure.
Whether you are already implementing tariff mitigation strategies or are looking to start, they are an important part of maximizing the profits from your international sales.
Faculty - Mr.Douglas Cohen
For more than 20 years, Mr. Douglas Cohen has been at the forefront of international trade and transactions. With senior positions in private practice, the US Department of Commerce, the European Union, American Airlines, and the IATA, he has developed substantial expertise in import-export operations and compliance, international trade, global negotiations, and international contracts and transactions.
At present, he is a Senior Manager, Global Trade, and Contracts, at Worldwide Trade & Legal Consultants, where he provides legal and strategic advice to organizations seeking to enter or expand foreign markets. Mr. Cohen has been asked to teach his expertise at universities and corporate seminars on international business and law in the US, Europe, Asia, and the Middle East.