IMPORT TARIFFS - LATEST NEWS & UPDATES
A tariff is a tax imposed on imported goods. Tariffs can be imposed on several kinds of goods: agricultural, manufactured, or raw materials.
Two main types of tariffs:
Ad valorem tariffs: A percentage of the value of the imported good. (A 20% on a $100 good would result in a duty of $20)
Specific tariffs: A fixed amount per unit of the imported good. (A $10 per unit on a $100 good would result in a duty of $10 if it’s still just one unit)
Import taxes can and will change, sometimes based on the country where the products are being imported from. Proper product classification according to the HTSUS system is critical to ensure that proper amounts are being paid from the beginning. Mistakes, whether they cause an importer to overpay or underpay, are typically met with fines once the mistakes are discovered.
Working with a customs broker who can independently confirm tariff classification can minimize the chance of errors.
Related articles:
Taxes on Imported Goods: A Guide to Tariffs, Duties, and More
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