American Shipper reports that to cover the extra risk associated with the deferred payment of customs duties under the new periodic payment system, surety companies are raising the premiums on performance bonds used by importers and their brokers to guarantee duties will be paid to U.S. Customs and Border Protection (CBP). The article notes one surety's view that for a typical importer that imports on a fairly regular schedule, they are looking at five times the credit risk for the same series of transactions. (American Shipper, August 2004)
Customs Duty
A Customs Duty is a tariff or tax which a country imposes on goods when they are transported across international borders. Customs Duties are used to protect countries' economies, residents, jobs, and environments, by limiting the flow of imported merchandise, especially restricted and prohibited goods, into the country. The Customs Duty Rate is a percentage determined by the value of the article purchased in the foreign country and not based on quality, size, or weight.
U.S. Customs and Border Protection (CBP) has issued a notice announcing that the third 2003/2004 specialty sugar tariff-rate quota (TRQ) provided for in HTS Chapter 17, Additional U.S. Note (AUSN) 5, which opened on August 10, 2004, oversubscribed at opening moment. According to CBP, the pro rata percentage is 38.58% (.3858).
The International Trade Administration (ITA) has issued its final results of the antidumping (AD) duty administrative review of polyethylene terephthalate (PET) film, sheet, and strip from Taiwan for the review period of December 21, 2001 through June 30, 2003.
1 The ITA has previously concluded that Tipco Foods is the successor-in-interest to TIPCO. As a result, the order is revoked for TIPCO/Tipco Foods. See ITT's Online Archives or 07/07/04 news 04070745 for BP summary of the final results of changed circumstances review on this determination.
U.S. Customs and Border Protection (CBP) has posted a notice to its Web site stating that effective August 20, 2004, certain wall hangings of wool or fine animal hair, not knitted or crocheted (HTS 6304.99.10) and certain pillow covers of wool or fine animal hair (HTS 6304.99.40) that are entered or withdrawn from warehouse, for consumption on or after August 20, 2004 are eligible for Generalized System of Preferences (GSP) duty-free treatment provided that the proper GSP requirements are met.
The International Trade Administration (ITA) has issued its final results of the antidumping (AD) duty administrative review of certain welded carbon steel pipe and tube from Turkey for the review period of May 1, 2002 through April 30, 2003.
(a) final de minimis AD rate of 0.01%; no cash deposit will be required although suspension of liquidation will continue.
According to U.S. Customs and Border Protection (CBP) sources, the duty- and quota-free Tariff Preference Level (TPL) for certain non-underwear T-shirts made in one or more USTR-listed U.S.-Caribbean Basin Trade Partnership Act (CBTPA) beneficiary countries and entered under HTS 9820.11.12 filled on August 3, 2004 at 1:40 p.m.
The ITA states that until completion of the review, it will instruct U.S. Customs and Border Protection (CBP) to allow, at the option of the importer, the posting of a single entry bond or security in lieu of an AD cash deposit for entries of the subject merchandise both exported by Foodworld and produced by Anhui Tianxin Bee.
The International Trade Administration (ITA) has issued a notice announcing the opportunity to request administrative reviews of the following antidumping (AD) and countervailing (CV) duty orders: