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By Matt Zehner, VP, Surety Information & Analysis, Roanoke Insurance Group Inc. Recently, my colleague Colleen introduced Tariffs and Bond Stacking Liability and the need for importers to monitor bond sufficiency on a regular basis, with the goal to avoid a short-notice demand from CBP to terminate and file a larger bond.  One significant reason to planning the timing of when to make use of a larger continuous bond is that by reducing the number of times the bond amount changes over time, the bond principal is able to minimize the accumulation of bond liability.  There are ancillary benefits to importers when […]

Many Customs and trade laws carry significant financial consequences for importers, and of these laws, antidumping and countervailing duties pose some of the most dangerous ramifications. These provisions exist to protect domestic industries and producers from unfair foreign competition. Under U.S. law, goods are subject to assessment of “ordinary duties” based on their classification under the Harmonized Tariff Schedule of the United States. However, U.S. law also defines certain situations in which goods are being sold to the U.S. at prices below cost of production or below “fair market value”. This is referred to as “dumping”. Like ADD, CVD is […]

Written by Colleen Clarke, SVP, Surety Trade Relations and Business Development Driven by the onset of the trade remedy tariffs in Spring 2018, duties owed on imported goods more than doubled and continue to grow, especially due to by additional duties on goods imported from China. A Surge in Duties, Taxes, and Fees According to Customs and Border Protection’s (CBP) Trade Statistics, the total amount of duties, taxes and fees collected in FY 2023 was $92.3 billion.  This was a 17.46% decrease from FY 2022, however the amount of duties, taxes and fees increased over 220% compared to FY 2018.  […]