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.
Section 301 News
Duty Drawback Software | Import Export Consulting | Processing Filing | Full Service
The recent activity regarding Section 301 tariffs have caused major changes for the import and export industry. List 1 and List 2 have been in effect since July, but the final list has officially been released and has been effective since September 24th of this year. List 3 includes a variety of imports from China which include products like chemicals, textiles, metal, and electronics. Tariffs for List 3 were set at an ad valorem rate of 10 percent but will increase to 25 percent at the beginning of the new year. List 3 targets about $200 billion worth of Chinese imports and unlike List 1 and List 2, there is no indication that there will be any kind of exclusion process for products in the final list.
Though List 3 was released less than a month ago, the administration threatened China with a potential List 4. This threat by the U.S. was publicly stated saying that if China retaliates against farmers or any other industries, they will begin to launch a process that aims to increase tariffs on an additional $267 billion worth of goods.
Because of these drastic changes in the industry, claiming duty is much more compelling. That being said claiming drawback is no simple process. Duty Calc is your number one resource for claiming up to 99% of the duty paid upon import. Through Duty Calc you have a full-service drawback option or, like many of our customers, you can do it yourself by using our easy to use drawback software. Our customer service team is always here to help so feel free to contact us with any questions. Our contact information can be found on the home page. Get a head start in claiming all the drawback available to you through our services. Act before it is too late.
