Import Broker Blog
Happy Holidays from Gallagher Transport 2018
Gallagher's Holiday Hours: Monday, December 24, Christmas Eve, Closing early at 2pm Tuesday, December 25, Christmas, Closed December 31, New Year's Eve, OPEN January 1, New Year's Day, Closed As 2018 draws to a close, we are reminded that it has been a particularly eventful year for those of us in the import business. Despite the [...]
China Tariffs – Truce Update
UPDATE: President Trump and the President of China met over the weekend and discussed a truce regarding the tariffs that are set to increase January 1 from 10% to 25%. According to the BBC, the US statement on the truce says the US tariffs on Chinese goods will remain unchanged for 90 days, but warns: "If at [...]
Customs 101: Free Trade Agreements
What is a Free Trade Agreement? Free Trade Agreements are entered between two countries to agree on the terms of trade between them. The free trade agreement affects the tariffs and duties that countries impose on exports and imports. When a Free Trade Agreement is made, it does not mean that things can be imported [...]
Higher Bonds due to Tariff-Hit US Imports
Higher Bonds for Importers due to Tariff Hike Importers must ensure they have sufficient bonds to meet Customs Border Protection’s (CBP) requirements that are enough to cover ever-increasing Customs Duties and Taxes. Those could be in the form new tariffs that have been increased under section 201, section 232 and section 301; 10% tariffs on [...]
Customs 101: Customs Forms
Businesses involved in the export and import industry all understand the necessity of filling out Customs Forms and Documents. These forms and documents are a key aspect in keeping borders safe, providing transparency, executing trade agreements, and the tracking of items. However, the process is not the easiest and can often lead to confusion. When in [...]
USMCA Agreement
As of the beginning of October 2018, there is a new trade agreement between Canada, Mexico and the United States, which is called the USMCA Agreement (United States Mexico Canada). Highlighted below are some of the results of the agreement: Automotive Changes: 75% of auto parts must be made in North America, over time, to [...]
Higher Tariffs on $200 Billion Goods from China
Is your company importing finished goods or product components from China? If your answer is “yes”, then it is likely that the recent tariffs of 10% or 25% may impact your business. President Trump has announced that beginning Sept. 24 an additional ten percent tariff will be imposed on 5,745 tariff lines from China with [...]
Importing goods from China? U.S. proposed 10% increase on duty
Are you involved with importing goods from China? Importing goods from China will start to have some changes. There is a proposal within the U.S government to impose an additional ten percent duty on 6,031 tariff lines from China, this is shown to have a total import value of approximately $200 billion. This move further [...]
Customs 101: Harmonized Tariff Schedule (HTS)
What is the Harmonized Tariff Schedule? The Harmonized Tariff Schedule (HTS) is a system to classify traded goods based on their material composition, product name, and/or intended function. An important function of the HTS is to determine the rate of duty applied to an imported good. Although the Office of Tariff Affairs and Trade Agreements [...]
Section 232 Tariffs: U.S Imposes Additional Duties on Steel and Aluminum
Section 232 Tariffs on Aluminum and Steel Importers in the trade of Steel and Aluminum are beginning to experience changes to their business practices after Section 232: Tariffs on Aluminum and Steel took effect. This resulted in a 25 percent duty on steel products and a 10 percent duty on aluminum products imported. Under Section [...]