Diaz Trade Law’s President, Jennifer Diaz, and Associate Attorney, Sharath Patil, are enthusiastic to announce that our article, “COVID-19’S IMPACT ON 2020 TRADE FLOWS” was published by the Customs and International Trade Bar Association (CITBA) in its Spring 2021 newsletter. Below is the article for your reading pleasure.
In FY 2020 alone, U.S. Customs and Border Protection (“CBP”) import audits resulted in over $44.6 million being collected by CBP. Similarly, CBP collected over $20.1 million in FY 2020 from trade-related penalties and liquidated damages. Prior to CBP auditing you, there is a lot you can do to be proactive about import compliance. The first step is getting a clear picture of your imports by accessing and analyzing your import data on the Automated Commercial Environment (“ACE”). An ACE audit can identify duty-saving opportunities and open risks.
To date, CBP has collected $87.8 billion in China 301 tariffs. If you have paid Section 301 China tariffs on Lists 3 and 4 and you have joined the landmark lawsuit demanding full refunds on these tariffs paid, it is critical that you understand the extent of China tariffs that you have paid, and proactively look out for liquidations. Proactively and comprehensively auditing your ACE import data is the first step.
Whether you are new to importing or a seasoned professional, this one-hour webinar is a must attend. Register today to hear directly from our Diaz Trade Law President Jennifer (Jen) Diaz about audit risks and duty-saving opportunities. Jen is a Chambers ranked, Board Certified International Attorney specializing in customs and international trade.
What is Section 201 ?
Section 201 of the Trade Act of 1974 provides import relief measures (also known as Safeguards) for domestic industries. The measures provide temporary relief for U.S. industries when competitor imports increase so significantly that they cause serious injury or threat to the domestic industry. The Safeguard measures are temporary – they allow the U.S. President to raise import duties or impose nontariff barriers on goods entering the United States for a limited period so that domestic industry is given sufficient time to adjust to the competition.
Co-Authored by Denise Calle
Whether you are new to importing or seasoned, this one-hour webinar is a must attend. Register today to hear directly from this specialized, expert trio on the “Top 10 Tips When Importing to Ensure Compliance” with real case studies:
Co-Authored by Sharath Patil
Background on Export Administration Regulations
Over 95% of the world’s consumers are outside of the United States. Opportunities abound for U.S. companies that export. However, exporting is a privilege and not a right. U.S. exporters have an important responsibility to adhere to U.S. export control laws, including the Export Administration Regulations (“EAR”).
Administered by the U.S. Commerce Department, the EAR is a set of regulations which governs whether U.S. persons may export or transfer goods, software, and technology outside of the United States or to non-U.S. citizens. U.S. exporters have an important responsibility to adhere to the EAR. Violations of the EAR carry hefty civil and criminal penalties. Exporters can pay hundreds of thousands of dollars in penalties, lose export privileges, and even be imprisoned.