Posts Tagged ‘Customs and Tariffs’
U.S. Customs & Tariffs on Solar Affect the Industry, Aim to Bolster U.S. Manufacturing
At a glance The full story: Numerous recent actions by the U.S. government, including extended and increased tariffs, are poised to affect the growing solar industry. For instance, the tariff on solar cells has risen from 25% to 50%, and battery cells have seen increases up to 25%. Solar panel import tariffs play a pivotal…
Read MoreTariffs & Import Sanctions: Retaliation Against China’s Unfair Trade Acts
At a glance Background In 2017, the Office of the United States Trade Representative (USTR) published Notice 82 FR 40213 that initiated an investigation into China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation under Section 301 of the Trade Act. In April 2018, USTR released Notice 83 FR 4906 detailing…
Read MoreImportance of Customs Compliance: The Importer’s Duty to Exercise Reasonable Care
At a glance The full story: A recent news story regarding the settlement of Ford Motor Company highlights the critical importance of adhering to customs regulations. Ford has agreed to pay $365 million to settle customs civil penalty claims alleging that the Company improperly classified imported merchandise, leading to the underpayment of duties. Ford was…
Read MoreStrategies for Importers – Section 301 China Tariffs
At a glance The full story The Section 301 China tariffs, implemented by the United States Trade Representative (USTR), have significantly altered the landscape of international trade, impacting importers and businesses engaged in commerce with China. These tariffs, initially introduced in 2018, were aimed at addressing unfair trade practices and intellectual property invasion by China.…
Read MoreCase Study: Customs Compliance & Broker Management Drives Big Savings and Resolves Issues
About the Client: Aprio engaged with a manufacturer that imports various types of chemicals used to make secondary batteries for electric vehicles. The Challenge: After the client imported chemicals from China to create battery products in the States, US Customs and Border Protection (CBP) determined that the products were subject to an anti-dumping and countervailing…
Read MoreAre You Overpaying on Duties for Imported Goods?
At a glance The full story: In recent decades, the U.S. Customs and Border Protection’s (CBP) First Sale Rule has gained traction as a strategic way for importers to substantially reduce the customs duties paid on imported goods. The First Sale Rule provides importers in multi-tier transactions a viable alternative to the more commonly used…
Read MoreSuperfund Taxes Are Back. Are You Liable?
At a glance The full story: After expiring nearly 30 years ago, the Infrastructure Investment and Jobs Act (IIJA) of 2021 reinstated the Chemicals Superfund Tax and the Hazardous Substances Tax (the “Superfund Taxes”), effective July 1, 2022, through January 1, 2032. The Superfund Taxes were originally enacted in 1980 to generate revenue that fed…
Read MoreTransfer Pricing and Customs Valuations: Finding Peace in a Trade War
At a glance The full story: As the largest global trading nation, the U.S. has imposed various tariff measures in recent years, such as the Section 301 “China” tariffs and the Section 232 “Steel and Aluminum” tariffs, signaling a new era of the trade war. The introduction of these tariffs has placed financial burdens on…
Read MoreTransfer Pricing Considerations: How to Plan and Win on International Taxes
As you be gin to audit your financial documentation, you should keep various transfer pricing considerations in mind.
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