Customs and Trade Law Weekly Snapshot

Here is a recap of the latest customs and international trade law news:

 

 

 

 

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Bloomberg: Tariff Classification Basics

Diaz Trade Law’s President, Jennifer Diaz, and Associate Attorney, Sharath Patil, are enthusiastic to announce Bloomberg Law published another one of our articles, “Tariff Classification Basics“! Below is the article reproduced with permission for your reading pleasure. You can read the article here (where you’ll have the ability to access all of the great hyperlinks). Please note you cannot click on the hyperlinks below.

We’d love to hear your feedback!

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By |2022-04-25T16:09:29-04:00January 26, 2022|Bloomberg, Bloomberg Import, HTS, Import, International Trade, U.S. Customs and Border Protection (CBP)|Comments Off on Bloomberg: Tariff Classification Basics

Customs and Trade Law Weekly Snapshot

Here is a recap of the latest customs and international trade law news:

BIS 

  • On January 14, 2022, the Bureau of Industry and Security (BIS) issued a notice of information collection regarding a Defense Production Act requirement for U.S. firms to furnish information to the agency regarding offset agreements exceeding $5,000,000 in value associated with sales of weapon systems or defense related items to foreign countries or foreign firms. BIS is soliciting public comments to help evaluate if the proposed information collection is necessary for the proper functions of the Commerce Department, evaluate the accuracy of their estimate of time and cost burden, evaluate ways to enhance the quality, utility, and clarity of the information to be collected, and to minimize the reporting burden.
    • Comments are due no later than March 15, 2022.

CBP 

DOT 

  • On January 13, 2022, the Federal Motor Carrier Safety Administration […]

Customs and Trade Law Weekly Snapshot

Here is a recap of the latest customs and international trade law news:

Apparel

  • Nike has ended 2021 as the most valuable apparel firm globally. According to data presented by FinancePR.com, the American outfit achieved a $30.44 billion valuation in 2021, placing it at the helm of the top ten garment firms worldwide.

CBP 

2021: A Year in Review

From all of us at Diaz Trade Law, we are incredibly thankful and grateful for your support this year. Despite this ongoing pandemic, Diaz Trade Law still managed to save our clients MILLIONS of dollars in 2021. It is with great joy that we finish off 2021 filled with numerous achievements and accomplishments were humbled to share with you. We look forward to assisting you in what we envision will be a better and brighter 2022!

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Customs and Trade Law Weekly Snapshot

Here is a recap of the latest customs and international trade law news:

CBP 

  • In Fiscal Year 2021, CBP at the LA/Long Beach Seaport seized More Than $760 Million in Counterfeit and Prohibited Products, a 652% increase over the previous year.
  • CBP issues guidance regarding the extension of product exclusions from additional Section 301 China duties on certain medical-care products to address COVID-19.
  • With changes to the HTSUS classification systems possibly coming as early as January 1, 2021, U.S. importers should review their classifications and ensure compliance with U.S. regulations

BIS

China

Customs Classification – A Key Component of an Import Compliance Manual

We are often asked by importers to assist in classifying their products under the Harmonized Tariff Schedule of the U.S. (“HTS” or “HTSUS”). While seeking assistance from expert counsel is a best practice, under the CBP Modernization Act, an importer of record (“IOR”) is the sole party responsible for determining the correct classification of imported goods (and thereby paying the correct amount of customs duties). An IOR must use reasonable care in classifying its product at the time of entry. Should an importer misclassify their products and not pay the appropriate duties to CBP at the time of importation; the importer is exposing itself to potential CBP penalties under 19 U.S.C. 1592.  The process of classifying goods can be a tedious process and may require time and research to arrive at the correct HTSUS number for any one product.

This blog expands our prior blog, Crash Course in the Harmonized Tariff Schedule of the United States, and provides additional detail on the classification process and tips for importers to use when deciding on a classification its customs broker will declare to CBP.  Importers are encouraged to attend the webinar How to Build and Maintain an Effective Import Compliance Plan on October 6, 2021 (and on-demand) for best practices on how to build and maintain an import compliance plan by addressing common risks associated with the import process – including product classification.

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By |2021-10-01T09:48:07-04:00October 4, 2021|Best Practices, Enforcement, HTS, Import, Pre-compliance, U.S. Customs and Border Protection (CBP)|Comments Off on Customs Classification – A Key Component of an Import Compliance Manual
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