TradeLane

In my former life as an export agent, I dreaded getting calls from a supplier who was shipping under a “Routed Transaction.” In most cases, the supplier would insist that they did not have any obligations to provide any information. They thought that when the terms were Ex Works (EXW), they could say “we fulfilled our obligations; please pick up the freight.”

It seems hard to believe that it is November already and the holidays are just around the corner. I awoke this morning to the fresh news of Donald Trump’s somewhat surprising victory despite polls and “experts” leading us to believe the opposite.  I thought it would be a good place to start for my quarterly post. 

While I was in college, there were a few great gifts. Snow days and deadlines extended by my professors. For those that are involved with Drawback and Reconciliation entries, it’s time to get giddy. 

Get a start on the New Year by gaining an understanding of the upcoming changes.

In our continuing efforts to prepare the trade community for the significant changes Customs Border and Protection (CBP) is enacting for Reconciliation entries, we offer this blog with updated information.

I’ve just joined Tradewin Asia from a large European industrial and consumer company where I was responsible for regional Asia trade compliance.  Almost every week, I would receive emails or telephone calls which required immediate attention. Common inquiries included: “URGENT! Cargo stuck at port!”; “No FORM D/E”; “The business is asking why we have to pay extra duties now.”; “Why nobody is telling us we need special licenses?”

Those were the days, when we didn’t have any compliance regime in place. No internal trade policies or standards, and everyone was doing whatever they felt was right. Norms and bad habits just continued on. Occasionally, I was praised for implementing good practices. Sound familiar?

Binding rulings allow an importer to get a determination on the correct classification and duty rate for their products in advance of importation.  A binding ruling request can be submitted electronically or in a letter to the CBP Information Exchange, National Commodity Specialist with a detailed description of the product along with relevant specifications, descriptive literature and samples. The importer generally receives a response within 30 days. Once Customs issues the ruling, the classification is binding for all US ports.