Importers Should Consider Effects of New Section 232 Tariffs on Bond Limits, Shapiro Analyst Says

Importers should keep an eye out for the effects new duties on steel and aluminum have on importer bond limits, said Liz Gant, a corporate regulatory compliance analyst at Samuel Shapiro & Company, in the company's monthly newsletter. CBP "uses duties, taxes and fees based on the previous 12 months to evaluate the sufficiency of your bond," she said. That means that if the Section 232 tariff duties remain in effect for an extended period, it could impact bond sufficiency. "While the additional tariffs are in place, bond sufficiency should be monitored by the importer closely," she said. "An importer does not want to be surprised if Customs deems their bond insufficient and a shipment is delayed while the importer gathers the information required for the surety."