Stalled Agreement
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Where the U.S. and China stand in the trade war is currently unknown. There were Washington
insiders claiming that a trade war deal was around the corner, all to find out that the deadline has
been pushed back. Last month Chinese officials proposed a push back of 90 days on increased
tariffs on Chinese imports. Though China is showing tremendous respect and actively trying to
come to an agreement with the U.S., a 60 day push back is all the U.S. granted. The two
presidents were scheduled to hold a meeting before the initial March deadline in Florida, both
parties hoping to strike a deal. This meeting never happened. Though we do not currently know
where both countries are in the process of coming to an agreement, we can be certain of one
thing: both countries still do no see eye to eye.
The topic that is stalling this agreement is the tech industry. China wants the U.S. to be more
flexible with products in tech industries like telecommunications systems. The U.S. wants China
to enforce stricter policies on intellectual property. The so-called tariff war is now shifting it’s
focus and becoming specifically a tech war. According to Michael Pillsbury, the American
Director of the Center on Chinese Strategy at the Hudson Institute, “Chinese demands have yet
to be addressed. They want to break into the U.S. e-commerce payments system, and have it
blessed by the U.S. side. And the U.S wants the Chinese to promise not to retaliate if there are
new tariffs. I cannot imagine China agreeing to this.” Because the U.S. and China still do not see
eye to eye, this is stalling the two countries to coming to a deal.
A deal was close to being agreed upon just a month ago, but now neither side seems to think an
impasse on disagreements is likely. More updates on the trade war will be posted here next
month.
Section 301 Developing News
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Last month we left off with an understanding of where the United States and China currently stand in the Section 301 trade war. At the beginning of the year the United States initially planned to increase rates on list three items to 25%. However, the United States granted a 90 day period in which the rates on list three items would remain at 10%, allowing more time for an agreement to be made between both countries before raising the rates. The two countries are still trying to come to an agreement. Below are some updates on the trade war.
On Monday February 11, “the Dow Jones Industrial Average closed 53.22 points lower at 25,053.11, giving up an earlier gain of 90 points. The S&P 500 ended the day up less than 0.1 percent at 2,709.80 as gains in the industrials sector were capped by losses in health care and communications services. The Nasdaq Composite closed 0.1 percent higher at 7,307.90” according to CNBC. The United States is halted at a waiting point and not much fluctuation will occur as people are just waiting out to see the likelihood of a trade deal.
There is speculation that the two Presidents will meet in Florida within the next month or so. This week the United States and China will continue to try and strike a deal by focusing specifically on intellectual property. United States Trade Representative Robert Lighthizer wishes to operate in an environment where technology, innovation, and know-how are all protected.
Analysts expect a deal as early as the end of this month. China needs a deal badly to calm the United States’ President from imposing another round of tariffs on imports from China. It has been reported that last month, the Chinese economy grew at it’s slowest pace in 28 years.
A deal is on the horizon and drastic changes are in the near future. Stay updated on Section 301 news here on the DutyCalc blog.
Update Section 301
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The trade war between the U.S. and China continues to impact economies on both sides. Tariffs have caused the U.S. stock market to plummet as the changes have led to a disruption in supply chain for major companies like Amazon, Facebook, and Apple. In China, analysts have reported that economic growth has slowed to its lowest in ten years. Sure, investors and shareowners are worried, but the two countries are making progress towards repairing the trade relationship.
It has been confirmed that on December 1, 2018 the U.S. and China reached an agreement to delay an increase on list three products. The increase of 10% to 25% on U.S. products was originally set to begin on January 1st. However, according to the White House, there will be a 90-day extension. If no agreement is made within those 90 days, rates will then rise to 25%.
In addition, China has agreed to, “purchase a not yet agreed upon, but very substantial amount of agricultural, energy, industrial and other product from the United States to reduce the trade imbalance” (Crowell Moring). This agreement from China may be a policy change or may be left up to private sector entities. The commitment has not yet been confirmed.
Lastly, during the December 1st meeting China also agreed to reduce the tariffs on U.S. automobile exports down from 40%.
There is still a significant gap between what the U.S. is seeking and what China is willing to offer, but these minor changes and progressions seem to hint at a solution. What happens within the next 90 days will give us an idea of what might happen in the near future.
For more information on the Section 301 tariffs and updates on the U.S. – China trade war, check back in to the DutyCalc blog.
Section 301 status
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The new Section 301 tariffs have caused drastic changes within the industry. Importers and exporters are scrambling to obtain the newest information as there are thousands of product listings that are affected by Trump’s trade changes. Below is an update on the current status of Lists 1-3.
List 1, which contains $34 billion worth of imports, has been effective since July 7, 2018. List 1 originally had over 1,000 tariff lines but ended up being condensed down to 818 items.
List 2, which contains $16 billion worth of imports, has been effective since August 23, 2018. List 2 originally had over 284 tariff lines but ended up being condensed down to 279 items.
List 3, which contains about $200 billion worth of imports, has been effective since September 24, 2018. List 3 originally had over 6,000 tariff lines but ended up being condensed down to 5,745 items.
Though these lists of tariffs have been implemented, The Office of the U.S. Trade Representative, has provided an opportunity for the public to request for product exclusion. Giving companies the opportunity to address situations that allow exclusion of a specific product within a subheading but not the tariff subheading as a whole. Because of such a high volume of requests, the USTR is still currently in the process of posting final exclusions.
To take full advantage of duty drawback on the Section 301 duties, check out our full service and software drawback options. Duty Calc has already helped our customers claim thousands of dollars due to these new changes. With the right help, you can easily claim all duties that are available to you.
New changes are still to come in the near future which will continue to impact this industry. Duty Calc will keep all of our customers up to date to the best of our ability. Continue to check back in to the Duty Calc blog for updated information on Section 301 and new tariff information.
International Business
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When it comes to doing international business, it’s all about the money. For almost any company around the globe, the engine that keeps businesses going is money. With so many accounts to keep track of it can be hard to pin point where exactly you’re making, saving, and losing money. From small businesses to corporate offices it helps to have extra support when it comes to keeping track of the complicated finances. This is where Duty Calc can come into play and help your business.
Duty Calc is a family owned business that offers a variety of services that help importers and exporters manage, file, and claim their duty drawback. Our services and their specific descriptions can be found on our website. We have worked with hundreds of companies and have assisted in making sure they get back the money they qualify for.
Our services have proven their success and our business is truly thriving. But what else does Duty Calc offer besides duty drawback services? One of the most important parts of filing for accurate drawback claims is understanding all aspects of what you’re dealing with. Each product, service, country, and exchange have different rules associated with them. Duty Calc offers consulting on all of the content-heavy laws, rules, regulations, and conditions that make it difficult for businesses to understand what’s going on. Our team will walk your business through the entire import and export drawback process from the start. We don’t consider businesses who use Duty Calc as customers, we view them as partners. As a partner, Duty Calc can help comprehend and interpret everything there is to know about duty drawback.
We can help your business as much or as little as you want. At the end of the day we are only here to help because we know how valuable every dollar is to a business. Partner with Duty Calc for great drawback services and outstanding consulting that will help propel your business.
For more information visit our website and blog page.
International Business Import Export
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Every business in every industry have the same goal – to provide a compelling product or service and to do so, cost efficiently. If businesses don’t have money to operate, they won’t survive. We understand that money is a huge asset that keeps every business up and running. If you are in the import, export, or brokerage industry Duty Calc is a useful resource that will help your business receive money by assisting in filing for drawback.
Our drawback management system, Drawback.NET, provides our clients a convenient way to file accurate drawback claims. Our software system is used throughout the United States and used by some of the biggest names in the businesses. FedEx, Fender, and ConAir are some of our clients who use the Duty Calc service. With our drawback software, you can insure that accurate claims are filed correctly and that your business is maximizing your potential drawback refund. One of the many great benefits you get by using Drawback.NET is that it is a user-friendly system that allows you to work at your own pace and fully understand how accurate claims are filed.
Yes, this is a do-it-yourself program but if you run into any problems our customer service team will be available for any assistance. Our team is knowledgeable in computer applications along with U.S Customs regulations so know that you are receiving help from engaging and skillful individuals. Our team at Duty Calc have worked hard for our clients. We care about our customers and put them in the best position possible. Not one of our clients have failed a Customs audit.
One of our current customers described our software as, “Head and shoulders above any others.” Another stated that our team has helped their business, “Tremendously increase its efficiency in drawback claims.” We want nothing but the best for our clients. We strive to put money back in their pockets, so they can operate cost efficiently.
If you and your business are looking for a fast and accurate way to file drawback claims, Duty Calc’s Drawback.NET is the program for you. Visit our website for more information.
Drawback Import Export Tax Solutions
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It is common for importers and exporters to get lost in all the tariffs and fees that are required with international transactions. Many businesses are unaware of the potential drawback that they qualify for. In many cases, businesses don’t know how to properly file for drawback claims and/or don’t have the time. This is where Duty Calc can provide help and assistance.
Duty Calc offers three basic services that help accurately file drawback claims to U.S. Customs. Services include a full-service drawback, a process and file only service, and the Duty Calc software. With every service you will work with our professional team that is experienced and knowledgeable in U.S. Customs, duty drawback, and computer applications. Our team promises to help you and your business get back the money you deserve.
A full-service drawback will insure that all claims are accurate and processed efficiently. The longer you wait the less likely you will be able to receive drawback, so this service helps speed up the process.
A process and file only service has many benefits that take care of potential barriers. For example, this service prepares and presents all necessary applications with U.S Customs for drawback privileges. A processing and filing service will also develop a drawback compliance program and audit assistance.
Our third service, the Duty Calc software, is our in-house option that allows our clients to file drawback themselves. The Duty Calc Drawback System is up to date on all current Customs regulations. This system is user-friendly and if you run into a problem our customer service team will be gladly willing to assist you in any way.
Put your trust in Duty Calc’s services as Customs have been paying drawback claims processed on our system for almost forty years. All our services were created to insure clarity and assistance in this tax-heavy business.
Recover your duties and taxes with Duty Calc. Please feel free to reach out with any questions or for more information. We look forward to working with you.
Drawback Import Export Tax Solutions
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Duty Drawback Solutions
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Naturally as humans we wish to save or be refunded money wherever possible. Drawback is a way in which we can do exactly that. Drawback is a system in which exporters and importers can receive back some of the duty that has been paid on imported merchandise, this is merchandise that can be returned or destroyed. This allows importers and exporters the opportunity to retrieve some of the tariffs spent on products. Duty Calc specializes in duty drawback services assuring you with proper knowledge and experience and having claims prepared in a timely manner.
There are three types of drawback: manufactured goods, unused merchandise and rejected merchandise. Duty Calc can provide you with what you need for each specific type and help you through the process in an efficient way, as they each hold different rules. The drawback process can be complicated and requires attention, let us do the work.
For unused merchandise, in order to file a claim, it needs to be done within 3 years of the date of import. The products need to be completely unused. Also, U.S. need to be aware of this before importing and exporting the products from their original locations.
Rejected merchandise needs to have a claim filed within 3 years of date of import. Rejected merchandise needs to have proof that goods were sent without permission from the importer. Just like unused merchandise, U.S. customs needs to be given notice prior to this action.
Our experienced Duty Calc team can provide you with drawback services, along with processing and filing services, or questions you may have about importing/exporting. We strive to help you with your refund process and making it as simple for you as imaginable. For more information or any questions, you may have, we encourage you to visit our website or talk with a live person.
Import Export Tips Drawback
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Looking for a refund on duty paid on some of the imported goods? Exporting or returning goods? You may be able to take full advantage of the Customs and Border Patrol mechanism called “Drawback” which is a way to have some of the duty you’ve already paid returned to you.
The drawback process can be a bit complicated and requires an attention to detail that may be tough on most businesses. Duty Calc is here for the exact purpose. We work with clients to streamline the drawback process, ensure that all the paperwork and details are in line, so that our clients can receive refunds on duties paid on products that are being returned, exported, or destroyed.
There are lots of ways to learn more about drawback–visiting the CBP website for instance, but nothing compares to having an experienced team of experts helping you with the refund process. Also, there are three types of drawback: Manufacturing, unused merchandise, and rejected merchandise – each with their own list of rules and specifications on how to determine and report your refund.
Drawback services like those at Duty Calc can help you through all of these drawback circumstances and its those sorts of expert import/expert tips that will help you increase your bottom line and not lose money during the process. For more information we encourage you to visit our website or talk to a team member to learn more about how we can help your business.
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Drawback is a very valuable scheme for exporters and importers to receive back some of the duty that was paid on imported merchandise that can be returned or destroyed. It’s important because it allows importers and exporters to recover some of the tariffs they had paid on products.
There are several types of drawback: Unused merchandise, Rejected merchandise, and manufactured goods. Each of these have their own specifications and companies such as Duty Calc can help you entirely through the process.
Manufacturing drawback typically must have a claim filed by the 3rd year from when it was imported or the 5th year that it was imported. Keeping good records of all imports and exports is crucial to filing a claim for drawback.
Unused merchandise can have a drawback claim filed within 3 years of the date of import. To get this refund the products imported must be completely unused and you have to let U.S. Customs know that before the products that are being imported are exported from its original location.
With rejected and unused merchandise a drawback claim can be filed within three years of import and you have to be able to prove that the goods imported were sent without permission from the importer. However, notice needs to be given to the U.S. Customs before that happens.
For more information on drawback and how DutyCalc can help you ascertain your best methods of recovering duties and taxes, visit our website or feel free to call with any questions.
Note that this article is not intended to provide any legal counsel regarding your ability to obtain Duty Drawback. CBP
