When importing products into the United States, some commodities are subject to Non-Tariff Barriers, which include quotas, licenses, subsidies and additional duties. These barriers are designed to discourage demand of an imported product, protecting domestic producers from foreign competition.
On November 13, 2015, U.S. Customs and Border Protection (CBP) issued a Final Rule in the U.S. Federal Register regarding changes to its bond program. The rule states that the customs bond insufficiency notification period will be shortened from 30 days to 15 days. So what makes a customs bond insufficient?
Is your company importing goods into the United States? Compliance with government laws and regulations is one of the largest financial risks to U.S. importers. Customs bond compliance can be simple, but there is important information every importer should be familiar with.