December 10, 2020 | eBond, Industry Insights, Surety Bonds, Trade | Jason Palumbo
Customs Bond Resources for the Trade Wars
Resources to Help Brokers Battle the Trade War
While it’s no longer front page news fodder the tariff-centered trade wars continue. Change – if not outright volatility – continues to be an understatement as it relates to tariffs on goods imported to into the United States these days. Unfortunately businesses who have import activities and the customs brokers who assist them are caught in the middle, and they can become casualties of the ongoing trade wars. While U.S. Customs and Border Protection (CBP) is publishing plenty of resources, the dedicated people on the Customs Bond team at Roanoke are here to help you understand and adjust to the complications that the changing tariff rates are creating for you and your clients.
To help Logistics Service Providers and the trade community, we’ve compiled The One-Page Guide to Customs Bond Sufficiency. It’s a multimedia resource page on our website that contains everything you need to know to keep your bonds sufficient and ensure that CBP required increases and regular renewals go as smoothly as possible. And if you have questions that are not addressed, please let us know. We will do whatever we can to assist!
The One-Page Guide to Bond Sufficiency contains:
- Case Study on Special Tariffs and Bond Amount Calculations [Video]
- How to Process a CBP Bond Insufficiency Notice [Download]
- Bond Amount Calculations
- Contact Information to Get Help
Understand the Real Risk of Insufficiency
This page also includes a video case study called, “Possible Effects of Special Tariffs on Bond Amount Calculations” for deeper insights and understanding of the issues at hand. Bond amount calculation looks like a pretty straightforward topic on its surface, but there are hidden pitfalls. The video walks you through understanding how stacking liability works, how it can endanger your clients’ bonds and ability to import, and it lays it out in terms that will help you explain the situation to the importer. When the importer understands the risks, they can work with you to project out their duties, taxes, and fees more accurately and protect their bond status.
If there is something you see that needs further clarification. Please call us. If you want to better understand your specific situation, then please call us. If you need to see something that’s not included, then once again — please call us. 1-800-ROANOKE.