Tuesday, June 5, 2018
WILL THE SECTION 232 TARIFFS AFFECT YOUR BOND SUFFICIENCY?
On March 8, 2018, Presidential Proclamations 9704 and 9705 were issued regarding imports of steel and aluminum into the United States under Section 232 of the Trade Expansion Act of 1962. The new duty rates for these commodities are 25% tariff on steel imports and 10% tariff on aluminum imports.
Continuous Bond amounts are calculated on 10% of the total duties, taxes, and fees for the previous twelve month period. Based upon the recent implementation of Section 232 tariffs, the increase in the estimated duty for steel and aluminum products may require larger bonds.
Importers are ultimately responsible and must stay updated on changes that occur regarding their bonds. Be sure to run ACE reports or contact us to assist with entry reports to stay on top of your import activity.
For more information, please reach out to us at 316.721.8980 with any questions you may have.