Are there calm waters or rolling waves ahead for shippers in Q3 and Q4 ocean freight markets?
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.
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.