US businesses that actively source raw materials, components, or finished goods from other countries must understand—and adhere to—the trade regulations for every country involved in their supply chain. Failure to do so can lead to fines and severe penalties.
When companies don’t comply with trade regulations, they face fines, penalties, and potentially late delivery of their goods.
Correctly classifying merchandise or products for import involves a sea of rules that govern import classifications.
These rules are often confusing and unclear, and doing this incorrectly can come at a hefty price. Binding rulings help clear up any confusion by providing classification and duty rates in advance.
Section 301 tariffs and, to a lesser extent, Section 232 duties make it more attractive for importers to gain the system.
Most importers have had at least one CF-28 or CF-29 scare. Companies that haven’t most likely will at some point, as U.S. Customs and Border Protection (CBP) cracks down on import compliance.