Importers have direct costs (paid to vendors), shipping companies and other intermediaries. However, the second largest cost after the goods themselves for most imported products are Customs duties. Customs duties, which have been ignored for many years by many importers, have come to the forefront as many classes of merchandise are now subject to antidumping duties as well as the various punitive duties imposed by President Trump. Many importers end up surprised at their actual landed cost after paying unexpected duties to the government. This session is a review of the major costing elements an importer be cognizant which are often overlooked. We will touch on the following:
- Price paid or payable for merchandise
- Assists
- Classification of Merchandise (overview)
- Special Duties including Section Antidumping, Countervailing duties, Sections 201, 232 and 301
- Potential duty savings strategies