As a result of continued trade talks with China, President Trump announced that he will implement an additional 10% tariff on the remaining 300 billion dollars of goods being imported from China into the U.S. starting on Sept. 1, 2019. He recently implemented of 10% tariff on $200 billion worth of Chinese goods, in addition to earlier tariffs imposed on $50 …
When it comes to paying fees on imports, there is a difference between customs duty vs. tariff. They are both a type of tax imposed on products imported from another country into the United States. They are meant to protect United States industries from low-cost manufacturing that is done abroad and imported into the U.S. Below are definitions of customs …
Companies can reduce tariffs with FTZ Subzones. Utilizing Tri-Link’s ability to establish Subzone on private premises can benefit companies. Tri-Link has 30 years of experience and consulting services. This enables us to quickly access the potential for success and take the necessary steps to make it so. A Subzone is a single Foreign Trade Zone site designated for a special …
Foreign Trade Zone benefits are being used to combat the high cost of tariffs. As part of President Donald Trump’s “America First” economic policy, he has imposed new tariffs and could renounce free trade agreements. Tariffs are taxes the government can place on imported goods. Tri-Link consults customers on the positive impact of the Free Trade Zone (FTZ) program. Because …
Foreign Trade Zone history dates back to 1930. The Foreign-Trade Zone Act was an implemented in response to the Smoot-Hawley Tariffs. This Act raised import duties even higher. The original Fordney-McCumber Act was enacted in 1922. It had already raised tariffs by nearly 40 percent. The government thought raising tariffs would protect U.S. businesses and farmers against foreign imports. The …
US-China tariff negotiations have restarted. US President Donald Trump and Chinese President Xi Jinping met to continue trade discussions. According to CNN, Trump said he would hold off on imposing new tariffs. However, existing duties would still be in effect. CNBC also reported that Trump said the 25% tariffs currently imposed on $250 billion in Chinese goods will not be …
Executive Summary The Foreign Trade Zone (FTZ) Program provides numerous logistical and financial advantages unlike any other Federal Program available to the trade industry. The goal of this analysis is to create a unique and realistic profile of direct and indirect savings by outlining the specific financial and logistical benefits realized by Tri-Link client Laura Electronics. The FTZ Program is …
Formal Customs Entry Bonded Warehouse A bonded warehouse is within U.S. Customs territory. Thus, Customs entry must be filed before goods enter a warehouse. Foreign Trade Zone A foreign Trade Zone is not considered within U.S. Customs territory. Thus, Customs entry is filed just prior to removal of goods from the Zone and only for amount of goods to be …
A Foreign-Trade Zone (FTZ) is a secure, access-restricted, Customs & Border Protection privileged area in or near a U.S. port of entry where both foreign and domestic merchandise may be admitted, stored, exhibited, manipulated, temporarily removed, manufactured, or destroyed duty-free! Duties, certain user fees and taxes are only assessed on products that are transferred out of the FTZ and entered …
