As per Reuters, U.S. President Donald Trump is expected to announce new tariffs against Canada and Mexico that will soon come into effect, although it is anticipated to include a process for exemptions on certain imports, as well as a 28-day window for implementation considering both financial and administrative impact.
Trump has consistently mentioned that he plans to impose a 25% tariff on imports from both Canada and Mexico, however, details and final decisions remain unknown to the public as of today.
In the meantime, please refer to quick guideline below:
- Who should pay for those duties? US importer of record.
- How are duties calculated? Based on total value of goods (commercial invoice).
- Who calculates such duties? US Licensed Customs broker based on HTS number and usually as a percentage of the value.
- Who, how, and when is payment executed? There are 2 common ways: either customer’s US broker finances those duties on their behalf, or importer of record sets up an account to pay directly to CBP by means of an ACH reference number. Keep in mind that payment will be executed within 1-8 days from entry date.
As news continues to evolve, it is important to maintain proactive communication
with your Supply Chain partners, Logistics providers, and Customs broker. Redwood will continue to provide updates as they become available and guide our customers through these changes on our blog and social channels.
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