If you’re looking to reduce the costs associated with customs duties in different areas, there are several strategies you can employ. Taking a proactive approach and finding the best solution for your particular situation can help you avoid these fees altogether. Duty Reduction aims to help you navigate the complex world of customs regulations and minimize your financial burden. By working with experts in this field, you can develop a customized plan that fits your needs and helps you save money over time.
Different Avenues to Explore
Here are some different approaches you can take when looking to reduce the duties on your products:
USMCA – The USMCA has replaced NAFTA and is a beneficial agreement for workers, farmers, ranchers, and businesses in North America. This deal promotes fair trade, leading to the creation of high-paying jobs for Americans and the growth of the North American economy.
Japan Trade Agreement – The agreement between the United States and Japan on trade has resulted in the elimination or reduction of tariffs on around $7.2 billion worth of U.S. agricultural exports. Furthermore, the Digital Trade Agreement between the two countries has provisions in place to facilitate the transfer of data across international borders without any restrictions. The agreement also ensures that consumer privacy is protected and promotes compliance with common principles for addressing cyber security challenges. In addition, it supports the effective use of encryption technologies and boosts digital trade.
Tariff Classifications – Tariff classification involves identifying the appropriate tariff code for goods that are being imported or exported. Classification of goods is relevant from a customs point of view. It has an impact on customs duties, excise duties, origin management, preferential duties,
Tariff Engineering – This refers to purposely designing a product with specific features in order to lower the amount of import taxes that need to be paid.
Special Classification Provisions – Chapter 98 is a category reserved for national use that has specific classification provisions. The use of Chapter 98 classification is determined by the classification , value of the goods, and country of origin.
Section 232 Exclusions – In March 2018, the President implemented tariffs of 25% on certain imported steel and 10% on certain imported aluminum products, citing national security concerns. The implementation was done under Section 232 of the Trade Expansion Act of 1962. Commerce also established a relief process to exempt certain products from the tariffs.
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