Trade Planning in a World of Disruption: Business Impacts & Best Practices
I’m Al Dewar VP of Client Services and Regulatory Affairs at GHY International. Many listeners will have heard Rick Riess the CEO of GHY International provide a Background Macro to Trade Disruption and the upsetting of the Balance of Trade.
My message is about sharing the micro impacts. What does this uncertainty mean to business; my business. What are other companies doing? Who can provide support? What best practices exist?
Canada has announced dollar-for-dollar tariff retaliation slated to be effective on July 1, 2018 that may impact up to $16.6 billion dollars of US imports. Canada’s retaliation goes well beyond imports of steel & aluminum products.
What are the Best Practices that have occurred since the announcement of retaliatory tariffs?
Importers have been actively evaluating the products they import to determine if the goods they import may be subject to surtaxes of up to 25%
Our job has involved collaboration to determine if imports can be reclassified in a way that wouldn’t attract surtax.
The questions coming from Supply Chain Management Professionals include:
- What are the HS codes that are covered by the Canadian and US tariffs?
- What is the exception process with the Canadian government?
- How do the tariffs apply and is there a type of “duty drawback” process should raw material get imported from the US and then processed and exported back into the US?
- What advice can you give for suppliers of raw material and processed metal components to minimize any duty paid?
- Has the Canadian government given any indication of exceptions they will allow?
There is no single answer. Every business has a different story but in the world of Global Trade all are impacted. We have the right blend of human and technological tools to resources to provide insight to good and solid business decisions.
Our job is to collaborate and provide you and your business certainty. Changes are happening on the fly and we’re here to help.
Need help with your Compliance Plan?
Contact Us today to discuss your challenges.