JAS USA COMPLIANCE

News & Insights from JAS Worldwide Compliance

JAS Forwarding (USA), Inc.

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JAS USA Compliance Insights

Helpful Tips

JAS USA Compliance Insights on the Impact of COVID-19

Office of Trade Special Operation North Pole
December 5, 2022
Episode 1 The CBP Office of Trade Control, together with Santa’s Workshop

Episode 1 The CBP Office of Trade Control has joined together with Santa’s Workshop for an exiting new Series, CBP Trade Special Operation North pole. Check out the investigation and learn more about how all goods, even those from Santa’s Workshop, need to adhere to U.S. trade laws.

Watch Episode 1
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Helpful Tips - Due Diligence
May 2, 2022
Helpful Tips May 2022

Ahead of the upcoming guidance on the Uyghur Forced Labor Prevention Act (UFLPA), it is strongly recommended that all importers review their supply chain to ensure that their goods are not being made with forced labor. CBP has a FAQ section for the Xinjiang Uyghur Autonomous Region that covers Withhold Release Orders, proof of admissibility, and best practices. The Due Diligence/Best Practices section has extensive resources that you can apply when reviewing your supply chain. The UFLPA will be going into effect on June 21st, so be sure to do your due diligence as soon as possible.

Read More
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Helpful Tips – AD/CVD
March 3, 2022

AD/CVD (Anti-dumping and countervailing duty) is a hot topic in the trade world these days.  Determining whether AD/CVD applies to products is imperative to understand the costs of imported goods.  Applicability of AD/CVD is typically based on the description of the item as it relates to the scope of the AD/CVD order.  HTS codes are part of AD/CVD scopes but are not the deciding factor.  

Using case numbers, The US Customs & Border Protection system for AD/CVD search AD/CVD search can provide information on specific cases including scope and other background related to individual cases.  Simply enter a case number in the search field and the results will appear.  Users can sort by date, status, type and much more.  

Find out more
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Import Document Retention
February 1, 2022

US importers are responsible for keeping all records related to imporations into the United States for the legal retention period.  In general records must be kept for 5 years from the date of entry, or 5 years from the date of the activity which required the creation of the record.  Failure to produce entry records upon lawful demand can result in significant consequences.  Check out CBP’s informed compliance publication on “Recordkeeping” in the link below to learn more.

Learn More
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Helpful Tips! January 2022
January 4, 2022

Flagging for reconciliation allows importers to file their entry summaries using the best available information they have on file and electronically “flag” estimated elements, with the mutual understanding that CBP will receive the actual information at a later date.  Importers can then provide the corrected information on a new type of entry called a Reconciliation.  To read more about reconciliation, check out the link below.

Learn More
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CBP Liquidation Search
December 2, 2021

CBP’s website (linked below) for “Official Notice of Extension, Suspension and Liquidation” can be used to determine the status of entries.  Entries must have a status of extension, suspension, or liquidated to produce any results.  Some of the information returned includes Posted date, Liquidation date, Action (meaning change increase or no change, etc.), Port of Entry, Entry date, Entry Type, and the CEE Team designation.

Users can search by entry number along with combinations of filer code and importer of record numbers.  This can be a useful quick check tool to see the status of entries!

CBP Website
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Schedule B Search Engine
November 1, 2021

The US Census Bureau’s Schedule B search engine is another useful tool for getting started finding HTS codes and or Schedule B numbers.  Schedule B numbers follow a similar pattern to US HTS codes (although there’s less Schedule B numbers).  The numbering system is like the harmonized system.  

Using the Schedule B Search Engine simply requires answering a few key questions about the commodity being reviewed.  Then a potential Schedule B is displayed on the screen.  This can be useful for imports if the item being classified is not very familiar to the classifier.  

Check out the Schedule B Search engine at the link below.

Check out the Schedule B Search engine
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Helpful Tips October 2021
October 1, 2021

Free Trade Agreements are a great way to reduce costs through the reduction or elimination of duties on qualified items.  Free Trade Agreement items are often qualified for the agreement through numerous rules centered around the rules of origin.  Did you know that many finished goods may qualify for a free trade agreement even though it has material from countries that are not part of the agreement?  The rules of origin can be daunting but rewarding if applied effectively.  Check out the listing of free trade agreements in the US in the link below.  Need help?  Contact JAS Forwarding USA Inc. Compliance today!

Official listing of free trade agreements in the US
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Helpful Tips September 2021
August 31, 2021

CBP has published numerous “Informed Compliance Publications.”  These articles offer extensive commentary onvarious topics from how to classify apparel and sets to rules of origin andmuch more.  The full list of informed compliancepublications can be found at the link below:

Read More
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CSMS #48659796 - Implementation of Sewing Thread Chapter Rule requirement for apparel goods of Chapters 61 and 62 of the Harmonized Tariff Schedule of the United States (HTSUS) for apparel importations claiming preference under USMCA
August 2, 2021

Effective July 1, 2021, the United States-Mexico-Canada Free Trade Agreement (USMCA) will implement the sewing thread requirement.

Sewing thread of headings 5204, 5401, 5508, or yarn of heading 5402 (used as sewing thread) and used in apparel products of Chapters 61 and 62 of the Harmonized Tariff Schedule of the United States, will only be considered originating if the thread is both formed and finished in the territory of one or more USMCA parties.

Sewing thread is considered formed and finished in one or more USMCA countries, if all production processes and finishing operations, starting with the extrusion of filaments, strips, film or sheets, and including slitting of a film or sheet into strips, or the spinning of all fibers into yarn, or both, and ending with the finished single or plied thread ready for use for sewing without further processing. (Non- originating fiber maybe used in the production of sewing thread of headings 5204, 5401 or 5508, or yarn of heading 5402 used as sewing thread.)

See General note 11(o), Chapter 61, Rule 3 and Chapter 62, Rule 4 of the HTSUS on the USITC’s website at the following link
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International Trade Commission Anti-Dumping Notices
July 2, 2021

Is your product being investigated for possible antidumping or countervailing duties?  Do you know how to find if it is before a formalized case has published?  The International Trade Commission (USITC) publishes public notices regarding investigations, solicitations, public comments, and questionnaires.  Click HERE to go to the USITC webpage for public notices.

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Don't Let this Happen to You!
June 3, 2021

The new version of the publication “Don’t Let This Happen to You” is now available!  This publication is an introduction to the consequences of violating U.S. Export Control laws.  It includes actual investigations, export control and antiboycott violations published by the Bureau of Industry Security.  

To read the access the latest version, CLICK HERE.

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HMF Exemptions
May 6, 2021

Did you know that Harbor Maintenance Fees (HMF) are exempt on an Entry Summary line (when MOT 10 vessel non-containerized, 11 vessel containerized, or 12 barge) when the article is classified under some HTS chapter 98 provisions?  Chapter 9808 has been added to that list. The HTS chapter 98 provisions that exempt the HMF are now 9804, 9805, 9806, 9807, 9808, and 9809.

Read the CSMS message on HMF Exemptions
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First Rule of Sale
April 1, 2021

On March 1, 2021, the U.S. Court of International Trade (CIT) issued a decision with important ramifications for any company that uses “first sale” to reduce customs duty liability for goods imported into the United States.  All companies relying on first sale should review their first sale programs to evaluate the impact of this ruling and take adequate precautions.

Download the First Sale Rule (PDF)
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Do you have questions about whether your shipment is subject to antidumping or countervailing duties?
March 3, 2021

Are you unsure if your shipment is subject to antidumping or countervailing duties?  Do you need a better understanding of which government agencies are involved and enforce the regulations?  Do you need a better understanding of preliminary case determinations or what happens when there is a final determination?  Click HERE to review the most frequently asked questions published by US Customs to answer a lot of questions as it relates to antidumping and countervailing duties.

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Is it Real or is it Counterfeit?
February 3, 2021

The Office of the United States Trade Representative (USTR) today released the findings of its 2020 Review of Notorious Markets for Counterfeiting and Piracy (the Notorious Markets List), which highlights online and physical markets that reportedly engage in or facilitate substantial trademark counterfeiting and copyright piracy.

See the Full List
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Schedule B 2021 Release
January 5, 2021

The export statistics are initially collected and compiled in terms of approximately 8,000 commodity classifications in Schedule B: Statistical Classification of Domestic and Foreign Commodities Exported from the United States.  The 2021 Schedule B has been released and is available online!

The new the 2021 Edition of the Schedule B
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Rules of Origin
December 2, 2020

The country of origin for imported goods has always been important; however, it has become increasingly more important. It has long been important for country of origin marking and free trade agreement eligibility. Now with Antidumping and Countervailing duties and Section 232 and 301 duties it has taken on new significance. Be sure to review the Rules of Origin in CFR19 Part 102by CLICKING HERE to ensure the correct Rule of Origin is being reported!

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Commercial Invoice Requirements
November 4, 2020

Customs and Border Protection require a minimum of 16 data elements on a commercial invoice for entry processing.  Please review the commercial invoice requirements for a full detailed description.

Please review the commercial invoice requirements for a full detailed description.‍
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Forced Labor Reasonable Care
October 1, 2020

Are you practicing reasonable care to ensure importedgoods are not produced wholly or in part with convict labor, forced laborand/or indentured labor?  CBP haspublished a reasonable care checklist that includes questions to help importersavoid forced labor of imported goods.  

Access the Checklist
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China Tariffs vs Hong Kong Products Based on the New Rule
September 1, 2020

Are there questions about what is subject to China tariffs for products from Hong Kong since the new rule has been published?  CBP has provided a list of frequently asked questions available on their website.  To see the list of questions and answers, click HERE!

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Customs Entry Type 86
August 5, 2020

Entry Type 86 is a fairly new entry type intended to help Customs and Border Protection (CBP) manage the flow of goods by creating greater visibility for low-value shipments entering the U.S. while improving border protection, import security, and safety. As of September 2019, imports to the U.S. with a de minimus value of less than $800 can be classified under type 86.  Do you have questions about how or when this entry type can be used?  Please see the list of FAQ’s on Customs website regarding entry type 86.

See the list of FAQ’s on Customs website
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Have Questions About the U.S. Australia Free Trade Agreement?
July 7, 2020

CBP has published a list of frequently asked questions regarding the U.S. Australia Free Trade Agreement.  The FAQ’s answers questions related to claims of preferential tariff treatment, certification of origin, documentation, verification and more!  Click HERE to read more!

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Need help with FDA question on specific products?
June 2, 2020

Registrar Corp’s Regulatory Advisors are available 24-hours a day seven days a week to assist with U.S. Food and Drug Administration (FDA) regulations. They have a live chat that is managed by global staff to help assist with questions regarding labeling requirements, FDA registration, detained shipments and more.  

Please visit their website for further information!

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USMCA Implementation Instructions
May 1, 2020

The new USMCA Trade Agreement will be entering into force in just a few months! CBP has published an interim implementation instructions guide.

Download USMCA Interim Guide
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Temporary Suspension of Tariffs on Solar Panels from Southeast Asia Authorized

Recently, the US has been experiencing a shortage of solar energy modules, and energy producers have not been able to keep up with demand for clean energy alternatives. On June 6th, the current administration declared “an emergency to exist with respect to the threats to the availability of sufficient electricity generation capacity to meet expected customer demand.” This emergency declaration allows for solar panels originating from Cambodia, Malaysia, Thailand, and Vietnam to be imported to the US duty-free for the next 24 months, at the discretion of the Secretaries of Commerce, Treasury, and Homeland Security.

CBP Releases Guidance for Importers on UFLPA

CBP has released the UFLPA Operation Guidance for Importers. This document details the enforcement of the Uyghur Forced Labor Prevention Act and has operational guidance and best practices for importers to comply with the act, which went into effect on June 21, 2022. The guidance has step-by-step instructions on how to submit a request for exception to the rebuttable presumption, which prohibits importation of any “goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in any foreign country by convict labor or/and forced labor or/and indentured labor under penal sanctions.” The guidance also includes an extensive list of resources for importers to use when doing their due diligence and maintaining the security of their supply chain, which CBP recommends all importers do as this act takes effect.

Ocean Shipping Reform Act Signed into Law

On June 16th, the current administration signed the Ocean Shipping Reform Act of 2022 (OSRA) into law. This act will provide additional powers to the Federal Maritime Commission (FMC) which will help combat rising freight costs, enhance oversight on international ocean carriers, and prohibit carriers from unreasonably denying US exports. The Act will allow the FMC to conduct investigations into ocean carriers and apply enforcement measures based on their findings. The Act also changes some rules on demurrage and detention charges, passing the burden of proof from the invoiced party to ocean carriers to verify the demurrage and detention charges, and ensuring that these charges meet federal regulations.

EPA Form 3540-1 Update

The EPA has updated the 3540-1 Notice of Arrival of Pesticides and Devices (NOA) form. This type of form is generally only used for entries that cannot be done through ACE. The new form clarifies some of the requested data elements and has improved instructions for filling out the form. CBP will continue to accept the old form until July 30th, 2022. After the grace period, all importers should be using the new form when filing entries.

G-TEC

On August 1st and 2nd, 2022, the NCBFAA National Educational Institute will host the annual Global Trade Educational Conference (G-TEC) in Chicago. The conference is open to all importers and exporters, and will have sessions on many different topics featuring subject matter experts and prominent leaders in the industry. Topics include CTPAT, Binding rulings, export sanctions, trade remedies, forced labor prevention, tips on managing remote work, and many more. This event is a great opportunity for importers and exporters to learn more about compliance and improve the effectiveness of their due diligence. and provide due diligence. NCBFAA members that register will have access to member pricing and earn 14 CCS/CES credits. This event is also a great opportunity to network with others in the global trade industry.

Did you know, fireworks image

Independence Day is July 4th and many Americans spent this long weekend celebrating with a BANG! Fireworks have become an integral part of celebrating major holidays in America. Here are some fun facts about fireworks:

  • Chinese alchemists first discovered how to make explosive black powder over 1000 years ago. This black powder consisted of charcoal, sulfur, and potassium nitrate. This powder would eventually be refined and developed into gunpowder – the perfect substance for launching and exploding colorful chemicals in the sky.
  • Fireworks did not have color or design until the 1830s when Italian pyrotechnicians added arial shells and metal salts to the mixture. These additions would cause brilliant colorful effects and allow for multiple timed explosions with a single firework shell.
  • Fireworks have been used to celebrate Independence Day since the very first anniversary of the signing of The Declaration of Independence on July 4th, 1777, in Philadelphia.
  • Americans spent $1.5 billion on fireworks last year. The American Pyrotechnics Association (APA) projects that spending will likely exceed $2 billion this year!
  • Fireworks are getting more expensive, and there will likely be shortages. Due to rising inflation and rising shipping costs, fireworks are going up in price.
  • Display fireworks are hard to ship! Since fireworks are considered explosives, importing them comes with certain restrictions. An importer will need a Federal Explosives Importer License or an ATF license specific to the activity planned for the imported fireworks. All fireworks must be properly labeled with warnings and pass inspection upon entry to the US.

Happy 4th of July!  Please make sure to be safe when using fireworks!

CBP recently expanded their Antidumping/Countervailing Duties & Trade remedies web page.

CBP recently expanded their Antidumping/Countervailing Duties & Trade remedies web page. This site has links with the latest information on trade remedies for Sections 201, 232 and 301, AD/CVD information, FAQ’s, Informed Compliance Publications, guides on different trade policies, and a searchable public message system. This site will be an incredibly helpful tool for importers looking to get their products through customs efficiently and avoid delays.

On May 9th, the Department of Commerce announced that the Section 232 Tariffs on Ukrainian steel will be lifted for one year.

On May 9th, the Department of Commerce announced that the Section 232 Tariffs on Ukrainian steel will be lifted for one year. This follows similar tariff suspensions on Ukraine-originating goods by other allied countries around the world. Ukraine’s steel industry is one of the most important parts of their economy and employs a significant portion of the country. This suspension will provide relief to this industry, allowing for additional export opportunities as their steel mills begin production again.

The US Commerce Department will require aluminum licensing applications to note “country of largest smelt” and “country of second largest smelt” starting June 29, 2022.

The US Commerce Department will require aluminum licensing applications to note “country of largest smelt” and “country of second largest smelt” starting June 29, 2022. This means that importers bringing in aluminum products will need to identify on their applications the country in which the largest and second largest volumes of new aluminum are being produced. There was a one year grace period allowed for importers to use “Unknown” in these fields as they collected the information they would need to meet the requirement. This grace period will expire June 28th, and moving forward, all aluminum import license applications will require these fields to be filled for the aluminum licensing application to be considered.

The FDA recently released updated guidance on Foreign Supplier Verification Programs for Food Importers (FSVP)

The FDA recently released updated guidance on Foreign Supplier Verification Programs for Food Importers (FSVP), requiring that every entry line of food being imported to the US has a unique facility identifier (UFI). Earlier guidance allowed for using “UNK” (unknown) in place of the DUNS number in the UFI field, as this was a new requirement and importers would need time to gather the necessary information. As of July 24th, 2022, the FDA will no longer allow the use of “UNK” in the UFI field. All foods subject to FSVP must have the corresponding DUNS number in the UFI field of each entry. Moving forward, CBP will reject any entry line for foods subject to FSVP if there is no DUNS provided.

CBP 2 Letters

Last month, CBP announced that they would be sending Known Importer Letters to importers that imported goods that may be subject to the Uyghur Forced Labor Prevention Act (UFLPA). Since then, approximately 400 letters have been sent to importers across the US. There are two versions of this letter, one for importers that are part of the Customs Trade Partnership Against Terrorism (CTPAT), and one for those who are not. The CTPAT letters have additional language noting that the importer may be removed from the CTPAT program if they are in violation of UFLPA. CBP is urging all importers to thoroughly review their supply chains before implementation of UFLPA on June 21st.

Summer Tidbits

Summer starts on June 21st, and experts say we are in for a hot one this year! Meteorologists are predicting above-average temperatures across the US, particularly in the North and Midwest. Here are some tips to keep you and your family cool as we enter the sunniest season of the year:

  • MAKE SURE YOU ARE HYDRATED! – This cannot be emphasized enough. Hydration is key to keeping your body temperature regulated. Drink plenty of cool water or sports drinks with electrolytes and stay away from coffee or other drinks that can dehydrate you.
  • Eat a popsicle – Frozen treats are a fantastic way to keep you cool when it’s hot out. As a bonus, a tasty frozen popsicle can double as a mini ice pack if you’re really burning up!
  • Dress appropriately – When dressing for the heat, make sure to wear lightly colored loose clothing made of breathable fabrics like cotton or linen. Strap on some sandals or flip-flops to reduce feet sweat. Don a hat and put on some sunglasses to keep your head cool and block UV rays from the summer sun.
  • Eat something spicy – Yes, you read that correctly. Eating spicy food might not be comfortable for everyone, especially in the heat. However, spicy foods can improve your circulation, which causes you to sweat more, and sweat cools the body. Who knew that a dash of hot sauce could keep you cool as cucumber?
  • Freeze your sheets – Getting to sleep when it’s hot is just the worst. Combat warm nights with cold sheets! Strange as it sounds, putting your sheets in the freezer shortly before bedtime will help you cool down when you go to bed. You can also try keeping freezing gel packs between your sheets to keep you cool throughout the night.

Laurie Arnold Vice President Compliance for JAS Forwarding (USA) Inc. was elected as the Treasurer to the National Customs Brokers & Freight Forwarders Association of America (NCBFAA)

Laurie Arnold Vice President Compliance for JAS Forwarding (USA) Inc. was elected as the Treasurer to the National Customs Brokers & Freight Forwarders Association of America (NCBFAA) at the 49th Annual NCBFAA conference in Tucson AZ on May 2nd.  The NCBFAA is a national membership headquartered in Washington DC that represents more than 1,000 member companies with over 110,000 employees in international trade-the nation’s leading freight forwarders, customs brokers, ocean transportation intermediaries, NVOCC’s and air cargo agents, serving more than 250,000 importers and exporters. The NCBFAA established in 1897, is the effective national voice of the industry. The association keeps a close eye over legislative and regulatory issues affecting the international trade community.

 Laurie has served the last 3 years as the Legislative Committee Chair for the NCBFAA, working with the congressional offices on a variety of issues, including the America Competes Act currently in congress. The America Competes Act (HR4521) covers multiple areas including the Illegal Fishing & Forced Labor Prevention Act (SIMP) and Import Security & Fairness Act. Working on The Customs Business Fairness Act (CBFA) HR4816 by far is where her passion shows. She was instrumental in having the language from this bill included in the Cares Act of 2020. The provision provided customs brokers a year reprieve of being required to return any customs duty received from the importer and provided to US Customs as a pass through if the importer filed bankruptcy. While the provision did expire at the end of 2021, she has remained committed to making the CBFA permanent. Laurie is looking forward to serving in her new role as the Treasurer for the NCBFAA.

CBP To Send Known Importer Letters

CBP has announced that they will be sending “Known Importer Letters” to all importers known to have imported goods that may be subject to the Uyghur Forced Labor Prevention Act (UFLPA). These letters are being sent to encourage importers to review their supply chain and identify any potential forced labor issues within. The UFLPA “establishes a rebuttable presumption that the importation of any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in the Xinjiang Uyghur Autonomous Region of the People’s Republic of China” will not be allowed into the United States. CBP will be sending the Known Importer Letters before the rebuttable presumption goes into effect on June 21st. CBP is also encouraging importers to review their supply chain even if they do not receive a Known Importer Letter.  

CIT Gavel

On April 1st, the Court of International Trade issued an opinion stating that the USTR acted within its rights when implementing lists 3 and 4A of the Section 301 Tariffs. The plaintiffs in the case suggested that lists 3 and 4A violated the Trade Act and should be removed because these tariff lists were in retaliation to new Chinese tariffs on US goods, and not based in the original USTR Section 301 report.

They also suggested that the lists were unlawful because USTR did not start a new Section 301 investigation before implementation. The CIT found that the new lists were not in violation of the 1974 Trade act as alleged, but they found that the USTR did not follow the Administrative Procedure Act because they did not properly respond to the public comments on lists 3 and 4A. The case has been remanded to the Office of the USTR, allowing an opportunity for them to explain the reasoning behind the implementation of these lists. The USTR has been given until June 30th to provide this information.

US CBP Office

CBP has released their monthly statistics for March. See the trade highlights below:

  • Processed over 3.1 million entry summaries valued at over $337 billion.
  • Collected $9 billion in duties.
  • Seized 10,583 shipments that contained over $1.5 billion of counterfeit goods.

The report includes statistics on international travel, border enforcement, drug seizures, agricultural seizures, and CBP’s response to COVID 19. The report also includes links to previous reports and year-over-year comparisons. 

Helpful Tips May 2022

Ahead of the upcoming guidance on the Uyghur Forced Labor Prevention Act (UFLPA), it is strongly recommended that all importers review their supply chain to ensure that their goods are not being made with forced labor. CBP has a FAQ section for the Xinjiang Uyghur Autonomous Region that covers Withhold Release Orders, proof of admissibility, and best practices. The Due Diligence/Best Practices section has extensive resources that you can apply when reviewing your supply chain. The UFLPA will be going into effect on June 21st, so be sure to do your due diligence as soon as possible.

The US and UK have reached a new agreement to adjust the Section 232 tariffs on steel and aluminum imported form the UK

The US and UK have reached a new agreement to adjust the Section 232 tariffs on steel and aluminum imported form the UK. These changes allow the US to import a certain amount of UK steel and aluminum products without facing Section 232 tariffs. The deal also lifts tariffs placed on certain US goods exported to the UK. This agreement mandates an annual third-party audit of financial records for UK steel businesses controlled by Chinese companies to identify whether the company is being unduly influenced by the Chinese government. The tariffs will be lifted on June 1st, 2022.

On March 14th, CBP announced they are detaining all imported merchandise produced by Li-Ning Sporting Goods

On March 14th, CBP announced they are detaining all imported merchandise produced by  Li-Ning Sporting Goods, a major Chinese sporting goods company. A recent CBP investigation concluded that Li-Ning Sporting Goods is using North Korean labor in their supply chain, which violates The Countering America’s Adversaries Through Sanctions Act (CAATSA). CAATSA prohibits the entry of goods, wares, and articles mined, produced, or manufactured wholly or in part by North Korean nationals or North Korean citizens anywhere in the world, unless clear and convincing evidence is provided that such goods were not made with forced labor. All Li-Ning merchandise arriving at US ports will be detained until the importer is able to provide evidence that the goods were not made using forced labor, or else the goods may be subject to seizure and forfeiture.

The quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will increase from the previous quarter.

The quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will increase from the previous quarter. For the calendar quarter beginning April 1, 2022, the interest rates for overpayments will be 3 percent for corporations and 4 percent for non-corporations, and the interest rate for underpayments will be 4 percent for both corporations and non-corporations.

On March 11th, President Biden signed an executive order banning the importation of Russian seafood

On March 11th, President Biden signed an executive order banning the importation of Russian seafood* and alcohol. The order also bans exports of luxury goods to Russia and restricts any new investments in Russia’s economy by US citizens. This order is one of several orders aimed at reducing Russia’s ability to fund their invasion of Ukraine, and part of a greater global effort to prevent further escalation in this conflict.

* The OFAC General License 17a authorizes the import of Russian seafood and fish until June 23, 2022, provided the requirements in the license are met.

Arbor Day 2022

On April 29th, people all around the world will be celebrating Arbor Day, a special day where we get together to celebrate trees and plant new ones. The very first Arbor Day in the US took place in Nebraska on April 10th, 1872, which means this year we will be celebrating 150 years of planting trees! This is also the 50th anniversary of the Arbor Day Foundation, a nonprofit organization dedicated to planting trees around the world. The Arbor Day Foundation has planted and distributed 500 million trees (and counting) over the last 50 years. If you would like to contribute to making the world a little greener or get some trees to plant yourself for future generations to enjoy, please visit the Arbor Day Foundation site. All donations are tax deductible and go towards making the world better for all!

The Bureau of Industry and Security has issued additional sanctions and export controls against Russia in response to their invasion of Ukraine. These new rules are intended to severely impact Russian financial systems, disrupt their economy, and reduce their access to high-tech imports. The largest Russian banks targeted by these sanctions have been cut off from US financial systems. The ruling also places restrictions on the Russian military, preventing access to exports from the US and certain exports that utilize US-originating goods. Several Russian elites and their families have also had severe sanctions placed upon them and their US assets have been frozen. Canada, Japan, Australia, the EU, and other US allies are also placing their own sanctions against Russia in a unified effort to further damage Russia’s ability to carry out their invasion.

Please note the situation in Ukraine is changing rapidly, and this report is based on the most up to date data available at time of publishing.

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