Trade Publications


Say Goodbye to your EX (Works) - Proposed changes in Incoterms 2020

Posted on May 02, 2019. Category: Trade Publications

Since 1919 the International Chamber of Commerce (ICC), has been committed to the facilitation of international trade. With the different practices and legal interpretations between traders across the globe, it was vital to establish a set of guidelines; thus, the first set of incoterms came to be in 1936. Since the inception of these terms, the ICC has been committed to updating these incoterms every 10 years to ensure relevance and compliance.With over a quarter of 2019 gone, the trade world is preparing for a decade of new incoterms. On January 1st, 2020, the trade terms we have grown accustomed to over the past 10... Read More

2019 Toxic Substance and Chemical Act (TSCA) Changes

Posted on April 30, 2019. Category: Trade Publications

The Toxic Substance and Chemical Control Act of 1976 addresses the “production, importation, use, and disposal of specific chemicals including polychlorinated biphenyls (PCBs), asbestos, radon and lead-based paint.”  In 2016, the Customs and Border Protection and the U.S. Environmental Protection Agency (EPA) proposed changes to the act that would add formaldehyde emissions in wood and wood products to the list of products requiring TSCA compliance measures. On December 12th, 2016 the EPA issued a list of Harmonized tariff codes that would be subject to the new changes. In summary, it was agreed any product entering the... Read More

U.S. and China Tariff Hikes are Yikes

Posted on April 16, 2019. Category: Trade Publications

After months of speculation and debates, the negotiations between two powerhouse countries, the U.S. and China, seem to be heading towards a deal. The road to a deal has not been an easy one for either economies.  At the beginning of 2018, the Trump administration initiated the tariff battle by placing $250 billion on Chinese imports. China fired back with a $110 billion on the U.S. thus beginning the trade war.While there has been some positive progress, there are still numerous uncertainties.Before Thursday’s meeting, President Trump stated, “And I would think [within] the next four... Read More

U.S. China Trade Talks Makes Progress

Posted on April 01, 2019. Category: Trade Publications

New progress on trade and economic issues had made in the eighth round of high-level economic and trade consultations, headed by United States Trade Representative Robert Lighthizer on the US side, on March 28 in Beijing.The two sides discussed "relevant texts of agreement" during the two-day talks, co-chaired by Chinese Vice-Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.The meeting was a prelude to the ninth round of high-level talks scheduled next week in Washington that Vice-Premier Liu is set to attend.China and the US have been expediting their economic and trade consultations,... Read More

The Time is Ticking, How Do Other Countries View the Brexit Vote?

Posted on March 25, 2019. Category: Trade Publications

Bigstock-retro-alarm-eu-clock-represent-260661010 (1) The tensions of the Brexit deal are starting to escalate, and the ripples can be seen throughout the world. The Brexit final vote is reaching its ultimatum on March 29th. If no deal is struck, Britain will have full control of its borders and new trade deals will need to be negotiated. Britain will also be traded with as a non- EU country, leading to non-preferential treatment within Europe and the long process of developing the necessary infrastructure to support the new trading conditions.While many countries in the the EU are trying to give the Brexit vote extra time,... Read More

Tariff Hikes Postponed Indefinitely

Posted on March 05, 2019. Category: Trade Publications

Per the Federal Register Volume 84, Number 43 (Tuesday, March 5, 2019), the U.S. Trade Representative (USTR) has postponed the date of which duty rates will increase to 25% for items covered by section 301 list 3.The rate will remain at 10% until further notice.This postponement comes in advance of a speculated late March 2019 summit between Presidents Trump and Xi.  Hopefully, this summit will lead to the end of the tariff war between the US and China, but there are still major hurdles involving items such as:  intellectual property, technology transfer, currency and other issues.If you would like additional information on... Read More

ISF-5 Enforcement Begins March 15, 2019

Posted on February 22, 2019. Category: Trade Publications

Liquidated damage claims for ISF-5 violations were to be enforced by CBP starting on January 21, 2019. However, due to the government shutdown and accompanying funding lapse, the implementation was delayed.CBP outlines the enforcement in Cargo System Message CSMS #19-000063. Stating that:CBP is ending its delayed enforcement period for ISF-5 violations and will begin issuing liquidated damages claims for violations of the ISF-5 requirements on March 15, 2019. Please ensure that you are in compliance before that time.ISF-5 is mainly for Freight Remaining Onboard (FROB), as well as Immediate Export (IE) and Transportation and Exportation (TE) Bonds.For an ISF-5 filing... Read More

Postponement of ISF-5 Enforcement

Posted on February 14, 2019. Category: Trade Publications

Liquidated damage claims for ISF-5 violations were to be enforced by CBP starting on January 21, 2019. However, due to the government shutdown and accompanying funding lapse, this has been postponed until at least March 1, 2019.CBP outlines this postponement in Cargo System Message CSMS #19-000011.ISF-5 is mainly for Freight Remaining Onboard (FROB), as well as Immediate Export (IE) and Transportation and Exportation (TE) Bonds.For an ISF-5 filing to be correct and timely, the following 5 fields must be filed prior to vessel load:Booking Party Foreign Port of Unlading Place of Delivery Ship to Party Commodity HTSUS NumberAllyn will keep... Read More

The Importance of Paying Attention to Export Control

Posted on December 11, 2018. Category: Trade Publications

In March of 2018 Konstantin Chekhovskoi was arrested at O’Hare International Airport in Chicago on his way home to Russia and sentenced to 18 months in federal prison. In his checked baggage were more than $100,000 in ammunition, parts, and accessories designed for assault rifles. Mr. Chekhovskoi had not received the appropriate clearance and export licenses to take these items out of the United States.Konstantin may have had some intentions of questionable legality for his exported products, but plenty of law-abiding citizens can find themselves facing similar penalties if they are not aware of the export regulations of the... Read More

BREXIT: DEAL OR NO DEAL?

Posted on December 10, 2018. Category: Trade Publications

The "British exit from the European Union" is the ongoing withdrawal of the United Kingdom (UK) from the European Union (EU) following a referendum that was held on June 23, 2016. The vote was close with 52% of the population voting to leave and 48% voting to stay. In order for the UK to leave the EU, the UK had to invoke Article 50 of the Lisbon Treaty which gives the two sides two years to agree the terms of the split. This process has been started by UK’s Prime Minister Theresa May on May 29, 2017, meaning that the UK is scheduled to... Read More

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