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By: Dennis Gates, Regional Vice President Northeast Region The announcement of potential tariffs has sparked concern across industries. In November 2024, the U.S. President-elect proposed a 25% tariff on imports from Canada and Mexico. This move could significantly disrupt trade, particularly for goods previously duty-free under the U.S.-Mexico-Canada Agreement (USMCA). For importers and their customhouse brokers, these tariffs could bring significant financial and logistical challenges. Understanding the Potential Impact These proposed tariffs may affect a wide array of goods, from raw materials to finished products. Importers need to understand how these changes could increase costs, strain supply chains, and lead […]
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 […]
By: Lenny Feldman, Managing Partner at Sandler, Travis & Rosenberg, P.A. With the government’s continued emphasis on enforcement, it has become mission-critical for parties engaged in international trade to set their strategic offensive in place through programs such as “regulatory defense. “The administration continues to issue executive actions and regulations that increase trade enforcement by stepping up the collection of section 301, 232, and 201 tariffs as well as antidumping and countervailing duties and the prosecution of trade and customs laws violations, particularly in the de minimis space. Additionally, federal agencies have issued regulations and decisions underscoring the need for […]
The surge in cargo theft incidents, including sophisticated scams like fictitious pickups and fraud schemes, has left logistics service providers facing significant challenges. Join us in our latest video. Karen Rzeszutko, President of Roanoke Insurance Group, and Tony Pelli, Practice Director for Security and Resilience at BSI, dive into the evolving threats and share actionable insights to protect your operations. Why This Video Matters Cargo theft is a growing problem that impacts every link in the supply chain. From theft hotspots in North America to emerging criminal tactics, Karen and Tony discuss: Key Cargo Theft Trends – Including hotspots like […]
While cyberattacks caused by sophisticated cybercriminals and the advent of artificial intelligence (AI) make headline news, human error continues to drive most cyber events. According to Harvard Business Review (HBR), more than 80% of cyber incidents are attributed to end-user error. The worldwide cost of cybercrime was estimated at $10 trillion in 2023 and is expected to more than double in the next four years. In addition, in a 2022 study by Stanford University, 90% of ransomware attacks originated through phishing emails to employees, according to an article by Maria Long, Vice President, Cyber Underwriter & Risk Management Portfolio Leader […]
As the Canada Border Services Agency (CBSA) prepares for the upcoming CARM Release 3 (R3) on October 21, 2024, two important notices have been issued to guide businesses through this transition. These notices outline key measures and processes impacting trade operations and compliance. Customs Notice 24-27- Transition Measures for CARM R3 Customs Notice 24-27 details the transition measures that will be implemented with CARM R3. These measures are designed to ensure continued border fluidity and the timely submission of accounting information and payment of duties and taxes. Importers should take note of the Release to Prior Payment (RPP) financial security […]
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